Brandywine sells mid-Atlantic portfolio for $398m
Brandywine Realty Trust has sold a portfolio of 58 properties in Virginia, New Jersey and suburban Pennsylvania for $398.1 million to an affiliate of Och-Ziff Capital Management.
The portfolio is 91.4 percent occupied as of the closing date and totals more than 3.9 million square feet.
The transaction was completed through a series of simultaneous transactions which involved the sale of the REIT’s fee interests in the portfolio land parcels to MAP Fee Owner, an affiliate of Och-Ziff, totaling $188.1 million and the sale of Brandywine’s leasehold interests, pursuant to long-term ground leases with MAP, in the portfolio to the newly formed Och-Ziff joint venture for a total of $210.0 million An affiliate of Brandywine retained a 50 percent interest in the venture with an investment balance of approximately $25.6 million. In addition, the venture has secured $180.8 million of nonrecourse mortgage debt.
Recently, Brandywine sold its inte