Brandywine Realty in $398.1 million property deal with Och Ziff Capital

Brandywine Realty Trust has sold a package of 58 properties in Virginia, New Jersey and suburban Pennsylvania for $398.1 million to an affiliate of Och Ziff Capital Management LLC of New York, the Radnor-based developer said in a release.

Thursday's sale, which encompasses 3.9 million rentable square feet, includes all of Brandywine's Richmond, Va., inventory and reduces its square footage in New Jersey by 44 percent, it said.

Under the deal, Brandywine took a 50 percent stake in a ground lease covering the properties through a venture with the Och Ziff affiliate, it said. It will provide property management and leasing services for a majority of the portfolio.

The company also sold its 50 ownership interest on Jan. 29 in a venture that owns an Austin, Texas, office building, receiving $4.4 million after closing costs and related debt payoff, according to the release.