logo
Share SHARE
FONT-SIZE Plus   Neg

Brandywine Realty Trust To Sell Princeton Pike Corporate Center For $121.0 Mln

Brandywine Realty Trust (BDN) announced that it has entered into a definitive agreement to sell Princeton Pike Corporate Center, an eight-building, 800,546 square foot office park located in Lawrenceville, New Jersey, for $121.0 million or $151 per square foot.

The sale is expected to close within the next thirty days with the net proceeds used to retire existing debt including balances under unsecured revolving credit facility.

As part of the transaction, the company granted the purchaser a 7.5-year option to acquire our three remaining development parcels in the park.

The company stated that it will recognize in our results for the fourth quarter of 2012 a total of $26.6 million of non-recurring cash and accelerated charges related to the preferred share redemption, unsecured note tenders, early debt repayments and termination of interest rate hedge contracts.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The Justice Department has initiated a probe to find out if airlines are colluding to limit seating capacity in order to benefit from higher airfares. Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has pledged to give away his entire wealth amounting to $32 billion for charity. He said the fund will be utilized for cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world. Toyota accepted the resignation of its Chief Communications Officer Julie Hamp, following her arrest in Japan for allegedly mailing banned painkillers to her address in Japan from U.S.
comments powered by Disqus
Follow RTT