BRANDYWINE SELLS TWO OFFICE BUILDINGS FOR $85 MILLION

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TRENTON, N.J. — Brandywine Realty Trust has disposed of two office buildings in Trenton for $85 million. The buildings, which are located at 33 W. State St. and 50 E. State St., total approximately 474,000 square feet and were 96.5 percent occupied at the time of closing. The buyer is a private investment group. Of the sale price, $22.5 million has been deferred by Brandywine as a 7-year, 6 percent cash pay/7.64 percent accrual second mortgage provided to the buyer. The loan is subordinate to the $45.5 million first mortgage the buyer arranged for the purchase. Brandywine will realize an approximately $27.8 million gain upon repayment of the second mortgage.

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