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Brandywine sells stake in 1M-SF Austin office portfolioBrandywine sells stake in 1M-SF Austin office portfoliohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=62852013-09-19T13:26:00Z2013-09-19T07:30:00Z

AUSTIN - Penn.-based Brandywine Realty Trust has formed a joint venture with DRA Advisors LLC to acquire Brandywine's wholly owned office portfolio in the southwest submarket. 

The new partnership will pay the Pennsylvania REIT $330 million, with each company owning a 50 percent interest in the portfolio.

Closing on the transaction is anticipated for early fourth quarter 2013.

Joint Venture Acquired Properties
Name Address Size (SF) # of
Buildings
Occupancy
Barton Skyway 1221-1601 S. MoPac Expy. 786,845 4 94.4%
Cielo Center 1250 S. Capital of Texas Hwy. 270,711 3 99.6%
The Park on Barton Creek 3711 S. MoPac Expy. 205,195 2 100.0%
7000 West at Lantana 7000 W. William Cannon Dr. 136,075 2 100.0%
Total   1,398,826 11 96.8%


Read more at GlobeSt.com and PRNewswire.

GlobeSt.com
Austin-Round Rock
Office
http://www.globest.com/news/12_693/austin/acquisitions_dispositions/brandywine-sells-stake-in-1-sf-plus-portfolio-337648.htmlRead more at {Source}

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