A group led by self-described 'vulture' investor J. Anthony Hayden's Conshohocken real estate firm has paid $52.7 million for Brandywine Realty Trust's 11 buildings (466,000 sq ft) in the Oaklands corporate office center in Exton, Chester County, according to people familiar with the sale.
The buildings, which mostly date to the mid-1990s, are 18% vacant, Brandywine says here.
Hayden, who has been buying up suburban buildings with capital raised from insurance mogul James Maguire, investor H. Scott Miller and other locals, says he's been able to boost tenancy at buildings in Whitelands and other developments that he controls.
Private owners like Hayden have been raising capital and searching for bargains since bank real estate financing dried up as prices crashed in the late 2000s and companies began shifting to public-transit-friendly urban sites or shutting traditional offices as more workers operate from smartphones.
Brandywine, like Radnor-based Liberty Property Trust and other publicly-traded real estate companies, has been selling or converting suburban buildings to concentrate on urban offices and other properties in greater demand.