Brandywine Property Trust has bought Prentiss Properties Trust for $3.3 billion. The deal is expected to close in the next few months, at which point Brandywine will control a portfolio of 49 million sq. ft. of office space.
As part of the deal, Prudential Real Estate Advisors will buy $753 worth of Prentiss assets in Denver, California and Washington, D.C. Brandywine will secure the management and leasing assignments on those properties. Prentiss shareholders will receive roughly $43 per share, which represents a 5.9% premium to Friday’s closing price of $40.60.