PHILADELPHIA, PA — Brandywine Realty Trust (NYSE: BDN) has announced the completion of two significant sales from its joint venture portfolio, generating combined gross proceeds of $265.8 million. These transactions mark a major step in the company’s strategy to strengthen its financial position, reduce future capital commitments, and increase liquidity for new investments.
The first sale involved 4040 Wilson, a mixed-use property in Arlington, Virginia’s Ballston submarket. The $190.5 million sale (with Brandywine’s 50% share totaling $95.25 million) included 405,000 square feet of office, retail, and residential space, plus 494 parking spaces. At the time of sale, the property was 96% leased on the residential side and 94% leased for commercial tenants.
The second transaction included the Dabney and Brittons Hill portfolio, consisting of 14 industrial and flex buildings in Richmond, Virginia, totaling 643,000 square feet. The sale price was $66.8 million, generating approximately $15.5 million in net proceeds for Brandywine’s share. Additionally, Brandywine sold an 11-acre land parcel under a long-term parking lease for $8.5 million. All assets were fully leased upon closing.
“We are delighted to have significantly outperformed our original 2024 sales target totaling $90.0 million and our revised sales target totaling $150.0 million,” said Jerry Sweeney, President and CEO of Brandywine Realty Trust. “These transactions highlight Brandywine’s commitment to redeploying capital in high-quality core markets where we see significant growth potential while enhancing our financial flexibility. This disciplined approach aligns with our strategic focus to maximize portfolio value and our commitment to delivering results.”
Including earlier asset sales, Brandywine has generated approximately $310 million in gross sale proceeds and $191 million in net cash proceeds so far this year. The funds will be used to fortify the company’s balance sheet and reinvest in strategic growth initiatives.
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