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
Two major hospitals Ascension Health and Providence St. Joseph Health are in discussion for merger to create one of the largest hospital chain, reported Wall Street Journal. The combination is expected to have 191 hospitals with an annual revenue of around $45 billion. The new entity would dethrone America's largest hospital operator Hospital Corporation of America that owns 177 hospitals and reve Uber has mistakenly charged a customer in Toronto an astounding C$18,518.50 for a five-mile, 21-minute ride. In U.S. dollar terms, the amount would be more than $14,400. The five-mile ride should have only cost between C$12 and C$16. French baby formula maker Lactalis has issued a major international product recall over fears of salmonella contamination. French health authorities have ordered the dairy company to stop selling hundreds of products worldwide, after 26 infants fell ill with salmonella poisoning in France. Salmonella infections can be life-threatening mainly for young children.
comments powered by Disqus
Follow RTT