Brandywine To Acquire Two Trophy-class Assets In Philadelphia - Quick Facts

(RTTNews) - Brandywine Realty Trust (BDN) announced it has entered into an agreement with Parkway Properties Inc. (PKY) to acquire two Trophy-class high rise assets located in Philadelphia's CBD, One and Two Commerce Square, based on a $331.8 million valuation.

Commerce Square consists of two 41-story Trophy-class towers. Brandywine currently owns a 25% preferred interest in Commerce Square. Closing of the acquisition is subject to the consummation of the merger between Parkway and Thomas Properties Group Inc.

Brandywine also entered into an agreement with Parkway to acquire Four Points Centre and an adjacent 19-acre land parcel in Austin, Texas for $51.0 million. Four Points Centre is comprised of two three-story buildings located in Austin's Northwest submarket.