HERNDON, VA. — Norcross, Ga.-based Wells Core Office Income REIT Inc. has purchased South Lake at Dulle Corner in Herndon for $91.1 million, or $340 per square foot. Wells Core is a non-traded REIT.
Brandywine Realty Trust (NYSE: BDN), the seller, completed the development of the 10-story office property in November 2008.
The Class A office building is fully leased to Time Warner Cable Inc., one of the nation's largest cable providers, which occupies 268,240 square feet.
Brandywine, based in Radnor, Pa., plans to use the net sale proceeds after closing costs for general corporate purposes.
The publicly traded REIT is selling the property as part of a larger strategy to maximize its existing portfolio's value, said Gerald H. Sweeney, president and CEO of Brandywine Realty Trust, in a prepared 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,” Sweeney stated.
Cassidy Turley marketed the property on behalf of Brandywine.
Brandywine’s stock price closed Friday, March 23 at $11.22 per share, up slightly from $10.99 a year ago.
— Liz Burlingame