Brandywine Realty Trust entered into a definitive agreement to sell Princeton Pike Corporate Center, an eight-building, 800,546-sq.-ft. office park in Lawrenceville, N.J., for $121 million, or $151 per sq. ft. As part of the transaction, Brandywine granted the buyer a 7.5-year option to acquire the three remaining development parcels at the park.
The sale is expected to close within the next 30 days. Brandywine plans to use the net proceeds from the transaction to retire existing debt, including balances under its unsecured revolving credit facility.
“The sale of Princeton Pike reduces New Jersey’s contribution to just 5.5 percent of overall company revenues and amplifies our shift to a more urban and transit-oriented portfolio with better growth characteristics,” said Brandywine President and CEO Gerard H. Sweeney in a statement. “Within our consolidated portfolio, we ended 2012 as a $97.7 million net seller, in line with our capital recycling and disposition goals.”
During the fourth quarter of 2012, Brandywine also completed three property acquisitions totaling $69 million, including office buildings in Philadelphia and Austin, Texas and a land parcel in Herndon, Va.