Transactions - DECEMBER 28, 2015

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Korean investor to buy Philadelphia office for $354m

by Andrea Waitrovich

Brandywine Realty Trust has plans to sell Cira Square, an 862,692-square-foot office property in Philadelphia’s University City area, for $354 million, or $410 per square foot. The buyer is a South Korean fund sponsored by Seoul-based Korea Investment Management Co., according to the Philadelphia Daily News.

The primary tenant is the Internal Revenue Service.

Brandywine expects to close the transaction in first quarter 2016. After the transaction, Brandywine will continue to provide management services at the property.

The REIT acquired the office building in 2007 and renovated and rebranded the asset as Cira Square in a $261 million project.

Cira Green, the city’s first elevated park, is part of Brandywine’s 2.7 million-square-foot mixed-use Cira Centre South neighborhood and is a 1.25-acre urban park 95 feet above street level overlooking the Center City and University City skylines as well as the Schuylkill River

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