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RADNOR, PA-Brandywine Realty Trust is marketing for sale a suburban Philadelphia office portfolio consisting of 32 buildings with an aggregate of 1.9 million sf. Ideally, the locally based REIT is seeking a joint-venture equity partnership that would acquire an 80% stake in the portfolio, while Brandywine would retain 20% and continue to manage the assets.

Jerry Sweeney, CEO, could not be reached by deadline, but a Brandywine spokeswoman confirms to GlobeSt.com that the value of the portfolio is estimated at about $300 million. The properties are primarily in the Fort Washington/Spring House, Horsham/Willow Grove submarkets and portions of Bucks County and the Lehigh Valley. The portfolio is 95% leased, according to the spokeswoman. CB Richard Ellis has been hired to handle marketing, but the spokeswoman declines to disclose the identities of the CBRE brokers who are heading the effort.

The move is part of an ongoing “asset recycling” strategy that Sweeney discussed in a May 2 conference call, saying the company planned to build “a higher quality portfolio.” Over the 12 months preceding the call, Sweeney said the company had disposed of $750 million in assets and, at that time, he projected the disposition of another $250 million this year.

With its January 2006 acquisition of Dallas-based Prentiss Properties Trust, Brandywine pushed well beyond its local-area roots. Although the company exited Dallas by selling some Prentiss assets there, it has expanded to California and the suburbs of Washington, DC. Citing continued cap-rate compression, Sweeney said acquisitions would be “very selective and very disciplined.”

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