The credit facility has a three-year term with a one-year extension option available at the discretion of the borrower. It is priced at Libor plus 90 basis points, based on Brandywine's BBB credit ratings from both Standard & Poors and Fitch Ratings. The line of credit pricing represents a 30-basis-point reduction from the pricing of the firm's existing credit facility.

JP Morgan Securities Inc. and Banc of America Securities LLC led syndication of the new line of credit. JP Morgan Chase Bank is administrative agent for the credit facility. Bank of America is the syndication agent, and Citicorp NA, Wachovia Bank NA and Wells Fargo Bank NA are co-documentation agents.

Noting that the facility adds two new banks to the REIT's lending group, Gerard H. Sweeney, president and CEO, says, "The depth of our bank group is a strong validation of our business plan and reflects our strong credit profile."

Brandywine's most ambitious current project is Cira Centre, a 28-story, $116-million, 727,000-sf office tower adjacent 30th Street Station in Philadelphia. It owns, manages, or has an ownership interest in 280 office and industrial properties aggregating 20.3 million sf throughout the mid-Atlantic region of the US.