Brandywine partially financed the purchase with net proceeds of approximately $217.1 million from the sale of common stock by Citigroup Global Markets Inc. Additional financing included proceeds from two term-loan facilities provided by Bear Sterns & Co. and JP Morgan Securities, plus the issuance of $10 million in operating partnership units and the assumption of $74 million of existing indebtedness.

Calling it a "milestone acquisition," Gerard H. Sweeney, Brandywine's president and CEO, says, "This acquisition is a perfect fit for our long-term strategic plan and further strengthens Brandywine's penetration in our core markets." The addition of the five-building Radnor Corporate Center and five-building Radnor Financial Center, with an aggregate of 1.7 million sf of class A office space, takes Brandywine's share of premier office space in Philadelphia's western suburbs to above 40%.

One and Two Logan Square, with an aggregate 1.3 million sf, mark Brandywine's first foray into occupied space in Center City Philadelphia. The combined assets are better-than-95% leased and complement the REIT's signature Cira Centre office tower, currently under construction near Amtrak's 30th Street Station.

Two Wilmington, DE properties with a total of 520,000 sf solidify Brandywine's position as the largest office owner in that state. They are 99% and 86% leased, respectively. Furthermore, properties in the former Rubenstein portfolio have a roster of tenants considered imminently credit worthy. Among them are Wachovia, Morgan Stanley, PNC Bank, Pepper Hamilton, Marsh USA, TV Guide and Bearing Point. Brandywine is integrating Rubenstein's building management personnel into its operation in order to provide tenants with a seamless transition. With the Rubenstein acquisition, the Brandywine portfolio encompasses 293 office and industrial properties with an aggregate of 23.8 million sf.