Philadelphia-based Brandywine Realty Trust recently sold a mixed-use building in Arlington, Virginia, for $190.5 million as part of its continuous efforts to ease out of the Washington D.C. market, writes Michael Potter for the Philadelphia Business Journal.
The sale of the 23-story building, which is the tallest building in Arlington’s Ballston submarket, comes more than three years after it was first put on the market.
This was a $217 million project developed and owned by Brandywine in a joint venture with Shooshan Company, putting its 50 percent share of the sale proceeds at $95.25 million.
The 405,000-square-foot development includes a mix of office, residential, and retail space, along with almost 500 parking spaces.
According to Brandywine, the building’s commercial space was 94 percent leased at the sale time, while the 250 apartments were 96 percent leased.
Earlier this year, Brandywine CEO Jerry Sweeney said the firm had decided to reduce its exposure in the Washington Metro area, where it held a portfolio of assets totaling 4.5 million square feet.
“Our capital costs combined with net effective rents just made me conclude [we’ve] got to get out of the market,” Sweeney said in October. “My guess is in the next few years we’ll be out of the market except for some land.”
Read more about Brandywine Realty Trust’s sale at the Philadelphia Business Journal.
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