HERNDON, VA-Brandywine Realty Trust has sold an office asset here to Wells Core Office Income REIT. The 268,240-square-foot property, fully leased to Time Warner Cable, traded for $91.1 million or $340 per square foot. Brandywine delivered the building, called South Lake at Dulles Corner, in November 2008.
The REIT is selling the property as part of its larger strategy of maximizing its existing portfolio’s value, said Gerard H. Sweeney, president and CEO, in a prepared statement. The deal will provide the company with additional liquidity and capital for investments.
Sweeney said it also “demonstrates our commitment to execute key components of our 2012 business plan.” Brandywine which is headquartered in Radnor, PA, did not return a call to GlobeSt.com in time for publication. Cassidy Turley marketed the property on behalf of Brandywine.
The last major area transaction Brandywine had was in December 2011, when it announced a 50-50 partnership with Current Creek Investments that would hold three local properties contributed by the REIT. The properties are located in Falls Church, VA and Bethesda, MD. In addition, the venture partners each allocated $75 million in equity to pursue additional investment over a three-year period.
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