In the exchange, Brandywine took nearly all of Prentiss' assets in Pennsylvania, New Jersey and Delaware, along with about 6.9 acres of developable land. The properties include 1.6 million sf in 30 office buildings. In addition, Prentiss has entered into a separate contract to sell a 206,000-sf office development to Brandywine, the first phase of which is currently under construction.
Prentiss, headquartered in Dallas TX, is a REIT specializing in office buildings. It owns interests in 146 properties with approximately 17.5 million sf and seven development projects with 1.1 million sf. Brandywine, based in Newtown Square, PA, owns 276 commercial and industrial properties with more than 17.5 million sf, manages 44 properties containing 3.4 million sf and is a partner in seven real estate ventures with over 739,000 sf.
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