Brandywine, DRA Target Austin In $330M Real Estate Venture

Law360, New York (September 16, 2013, 5:47 PM EDT) -- Brandywine Realty Trust and DRA Advisors LLC will form a joint venture that will purchase 11 of Brandywine’s properties in Austin, Texas, for $330 million, the companies announced Monday.

Each firm will have a 50 percent stake in the venture. The sale represents a purchase of nearly 1.4 million square feet of office space for an average of $236 per square foot. Brandywine expects to receive $271.6 million of net proceeds, after deducting $5.7 million of transaction and joint venture formation costs.

Brandywine and DRA already have...
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