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.
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