Brandywine Realty Trust Completes Sale of One and Two Barton Skyway in Austin, TX Yielding Net Proceeds in Excess of $100 Million
Rhea-AI Summary
Brandywine Realty Trust (NYSE: BDN) has completed the sale of One and Two Barton Skyway in Southwest Austin to the City of Austin for $107.6 million, or $275 per square foot. The 386,000-square-foot facility will be used as a consolidated public safety headquarters. The company retains ownership of Four Barton Skyway, which is 94% leased. This transaction aligns with Brandywine's capital recycling and portfolio management strategy, while maintaining its commitment to Austin through developments like 405 Colorado and the 66-acre Uptown ATX master-planned project.
Positive
- Sale of One and Two Barton Skyway generated $107.6 million in proceeds
- Four Barton Skyway maintains high occupancy rate at 94%
- Transaction strengthens company's balance sheet and liquidity
- Continued strategic presence in Austin market through development projects
Negative
- Reduction in portfolio size and rental income generating assets
- Decreased market presence in Southwest Austin area
News Market Reaction
On the day this news was published, BDN gained 2.69%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
PHILADELPHIA, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Brandywine Realty Trust (NYSE: BDN) today announced the closing of the sale of One and Two Barton Skyway, located at 1501 and 1601 South MoPac Expressway in Southwest Austin, to the City of Austin. The 386,000-square-foot facility, sold for
“This transaction is consistent with our capital recycling and portfolio management objectives. This sale both strengthens our balance sheet and positions us to seize high-quality, strategic investment opportunities,” said Jerry Sweeney, President & CEO of Brandywine Realty Trust. “At the same time, we remain deeply committed to Austin, exemplified by our development of 405 Colorado and Uptown ATX, our 66-acre master-planned development that is a cornerstone of Austin’s emerging second downtown.”
The Barton Skyway office park, situated on 35 acres in Southwest Austin, comprises four office buildings. Following the recent sale of One and Two Barton Skyway, Brandywine retains ownership of Four Barton Skyway, which is currently
This transaction marks another milestone in Brandywine Realty Trust’s long-term strategy to maintain a strong liquidity profile as well as its portfolio strategy focusing on high-value opportunities in key markets. Austin is recognized as one of the nation’s most vibrant and rapidly growing metropolitan areas, consistently ranking at the top of lists for job creation, GDP growth, and population expansion. With a year-over-year job growth of
For more information on Brandywine Realty Trust, visit www.brandywinerealty.com.
About Brandywine Realty Trust
Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia and Austin markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 147 properties and 21.1 million square feet as of September 30, 2024. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. For more information, please visit www.brandywinerealty.com.
Company / Investor Contact:
Tom Wirth
EVP & CFO
610-832-7434
tom.wirth@bdnreit.com
FAQ
How much did Brandywine Realty Trust (BDN) sell One and Two Barton Skyway for?
What is the current occupancy rate of Four Barton Skyway owned by BDN?
Who purchased One and Two Barton Skyway from Brandywine Realty Trust?
What is the size of the Barton Skyway property sold by BDN?
