Brandywine Realty Trust sells portfolio, buys another

Brandywine Realty Trust has sold an office portfolio to Rockpoint Group for $312 million.

The portfolio consists of eight properties, totaling 1.3 million square feet, located in Northern Virginia. Brandywine Realty Trust retained a 15 percent equity interest in the portfolio through an unconsolidated real estate venture.  To partially fund the acquisition, the joint venture will secure mortgage financing. As of Sept. 30, 2018, the portfolio was classified as held for sale.

In addition, Brandywine Realty Trust entered into an agreement to acquire its partner’s entire 50 percent interest in the 12 remaining buildings within the DRA Austin real estate venture containing 1.57 million square feet, located in Austin, Texas. The agreement values the portfolio at $537 million, or $342 per square foot.  The Austin portfolio is currently encumbered by $246.5 million of mortgage indebtedness that Brandywine intends to pay-off at closing or during the first quarter of 2019.