PHILADELPHIA-Brandywine Realty Trust reports it has closed on the $331.8-million purchase of the remaining ownership interest in One and Two Commerce Square here.

The Radnor, PA-based real estate firm also reports it has closed on the purchase of Four Points Centre and adjoining parcels in Austin, TX for $47.3 million. Both properties were acquired from Parkway Properties, Inc.

Commerce Square's two, 41-story office towers contain nearly 1.9 million square feet and fill e a full block on Market Street between 20th and 21st streets. The buildings went up in 1987 and 1992 and are now LEED-Silver certified.

Commerce Square's central plaza, The Court at Commerce Square, includes ground-level retail, restaurants and a 525-space underground garage. Brandywine has assumed full management responsibilities, including property management and leasing. Brandywine funded the acquisition, including closing adjustments, via the assumption of $237.1 million of existing mortgage debt with the balance from available corporate funds.

The purchase price equates to $175 per square foot, according to the company.

Four Points Centre in Austin is valued at $41.5 million, or $214 per square foot. Its two three-story buildings total 192,396 square feet. The LEED-Gold buildings were built in 2008 and are 100% leased. The land parcels were acquired for $5.8 million and have approvals for construction of up to 480,000 square feet of office space. Brandywine funded this acquisition from available corporate funds.

Gerard H. Sweeney, president and CEO of Brandywine said Commerce Square is currently 86.7% occupied, which provides "a value-add" opportunity.

"This acquisition is consistent with our stated objective of increasing our overall revenue contribution from urban and town center properties," Sweeney said.