Brandywine sells N. Calif. towers, may close Cira sales
The commercial real estate rumor mill says Brandywine Realty Trust, Radnor, has been successful in its plans to arrange the sale of its current Cira Center and planned Cira South developments on the west bank of the Schuylkill. Meanwhile, Brandywine says it's sold 5 of its 7 buildings in Northern Califronia.
UPDATE: Brandywine says it's talked to U.S. and German investors but it's not ready to announce any Cira investors.
ORIGINAL ITEM: The commercial real estate rumor mill says Brandywine Realty Trust, Radnor, has lined up buyers for its current Cira Center and planned Cira South developments on the west bank of the Schuylkill in Philadelphia.
According to one version from a pro who's been right before, Germany's SEB Group would take over Cira, which is almost 100 percent leased, while JPMorgan would agree to invest in Cira South, where Brandywine CEO Jerry Sweeney hopes to land the BlackRock investment group as a tenant, with help from state and city tax breaks. No comment yet from Brandywine.
Meanwhile, Brandywine said today it has agreed to sell most of its northern California office space - four buildings and a vacant new development, all in Oakland - for $270 million in cash, plus $96 million in debt, plus a $40 million payment in 2010. Release here.
Lazard Frères & Co. acted as financial advisor to Brandywine, and CB Richard Ellis helped sell the properties.
The sale leaves Brandywine, a Philadelphia-centric company that went moderately national in the late building boom, with around 550,000 square feet of offices in Northern California, plus two future development sites.