Brandywine Sues Verizon Over Stalled $20M Philly Land Sale

Law360, Philadelphia (February 11, 2013, 4:18 PM EST) -- Brandywine Operating Partnership LP sued Verizon Properties Inc. in Pennsylvania state court Friday, contending Verizon had failed to honor its leasing agreement to close on the sale of a parcel of land in downtown Philadelphia for $20.27 million.

Brandywine, which leases the property at 1717 Arch St. from Verizon, contends that it has an option to purchase the site, but Verizon is unwilling to close the deal at a fair market price.

“Verizon has refused to close on the transaction for a price consistent with the...
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