Brandywine sells 30% stake in Commerce Square for $115M
Brandywine Realty Trust has sold a 30% stake in One and Two Commerce Square for $115 million, raising money to invest back into the company's future projects.
Brandywine, a Philadelphia real estate investment trust, said it closed on the transaction with an undisclosed global institutional investor in a deal the company values as a $600 million joint venture. A Brandywine spokeswoman said that at the request of the investor, the company isn't divulging the name at this time.
Brandywine, which released second quarter results late Wednesday, is scheduled to have a quarterly earnings call Thursday.
As part of the deal, Brandywine (NYSE: BDN) and the undisclosed buyer will invest $20 million into the 1.9-million-square-foot Center City office complex. The transaction is subject to an existing $222 million mortgage, and Brandywine said it raised around $100 million in net cash proceeds as part of the transaction.