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
Bank of Nova Scotia or otherwise known as Scotiabank, Friday reported lower net profit for the third quarter, in the absence of a year-ago gain. Earnings per share, however, came in line with the Street view. Further, the company said it raised its quarterly dividend by 2 cents. Non-traditional discount and variety stores operator Big Lots Inc. (BIG) Friday reported a decline in net profit for the second quarter, while net sales grew 1.2 percent from the prior year. Comparable sales for the quarter increased 2.8 percent. Google has rejected the European Union's charges that it abused its market power and the demanded that it change the way it ranks online comparison shopping services in its search results, setting up a potentially long legal battle with the EU regulator empowered to levy billions of euros in fines
comments powered by Disqus
Follow RTT