Brandywine completes sale of Herndon office building for $91.1 million
- March 26, 2012
Brandywine Realty Trust has completed the sale of a 268,240-square-foot office building in Herndon for $91.1 million, or $340 per square foot. Wells Core Office Income REIT, based out of Norcross, Ga., bought the property known as South Lake at Dulles Corner.
Brandywine completed the development of the 10-story building in November 2008 and subsequently leased the entire building to Time Warner Cable Inc. The property is located about a half a mile from the future Route 28 silver line metrorail station.
“The sale of this property achieves our objective of maximizing value from our existing portfolio,” Gerard H. Sweeney, Brandywine’s president and CEO said in a statement. “It strengthens our balance sheet by providing additional liquidity, provides additional capital for our investment activities and demonstrates our commitment to execute key components of our 2012 business plan.”
Cassidy Turley marketed the property for sale on behalf of Brandywine. The REIT, located in Radnor, Pa. is one of the largest, publicly traded, integrated real estate companies in the U.S. Brandywine owns, develops, manages and has ownership interests in a primarily Class A, suburban and urban office portfolio comprising 305 properties and 34.6 million square feet.