Brandywine Realty Trust Completes Sale of One and Two Barton Skyway in Austin, TX Yielding Net Proceeds in Excess of $100 Million
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.
Brandywine Realty Trust (NYSE: BDN) ha completato la vendita di One e Two Barton Skyway a Southwest Austin al Comune di Austin per 107,6 milioni di dollari, ovvero 275 dollari per piede quadrato. La struttura di 386.000 piedi quadrati sarà utilizzata come sede consolidata per la sicurezza pubblica. L'azienda mantiene la proprietà di Four Barton Skyway, che è affittato al 94%. Questa transazione è in linea con la strategia di riciclo del capitale e gestione del portafoglio di Brandywine, mantenendo al contempo il suo impegno verso Austin attraverso sviluppi come 405 Colorado e il progetto master-planned di 66 acri Uptown ATX.
Brandywine Realty Trust (NYSE: BDN) ha completado la venta de One y Two Barton Skyway en el suroeste de Austin a la Ciudad de Austin por 107.6 millones de dólares, o 275 dólares por pie cuadrado. La instalación de 386,000 pies cuadrados se utilizará como sede consolidada de seguridad pública. La empresa mantiene la propiedad de Four Barton Skyway, que tiene un 94% de ocupación. Esta transacción se alinea con la estrategia de reciclaje de capital y gestión de cartera de Brandywine, mientras mantiene su compromiso con Austin a través de desarrollos como 405 Colorado y el proyecto planificado de 66 acres Uptown ATX.
브랜디와인 리얼티 신탁 (NYSE: BDN)은 남서부 오스틴의 원 앤 투 바튼 스카이웨이를 오스틴 시에 1억 7600만 달러에 판매했습니다. 이는 평방피트당 275달러입니다. 386,000 평방피트 규모의 시설은 통합 공공 안전 본부로 사용될 예정입니다. 회사는 94% 임대 중인 포 바튼 스카이웨이에 대한 소유권을 유지합니다. 이번 거래는 브랜디와인의 자본 재활용 및 포트폴리오 관리 전략에 부합하며, 405 콜로라도 및 66에이커 규모의 업타운 ATX 마스터 플래닝 프로젝트와 같은 개발을 통해 오스틴에 대한 헌신을 유지합니다.
Brandywine Realty Trust (NYSE: BDN) a finalisé la vente de One et Two Barton Skyway dans le sud-ouest d'Austin à la ville d'Austin pour 107,6 millions de dollars, soit 275 dollars le pied carré. L'établissement de 386 000 pieds carrés sera utilisé comme quartier général consolidé de la sécurité publique. La société conserve la propriété de Four Barton Skyway, qui est loué à 94%. Cette transaction s'inscrit dans la stratégie de recyclage de capital et de gestion de portefeuille de Brandywine, tout en maintenant son engagement envers Austin à travers des développements comme 405 Colorado et le projet de 66 acres Uptown ATX.
Brandywine Realty Trust (NYSE: BDN) hat den Verkauf von One und Two Barton Skyway im Südwesten von Austin an die Stadt Austin für 107,6 Millionen Dollar abgeschlossen, was 275 Dollar pro Quadratfuß entspricht. Die 386.000 Quadratfuß große Einrichtung wird als konsolidierte Hauptzentrale für die öffentliche Sicherheit genutzt. Das Unternehmen behält das Eigentum an Four Barton Skyway, das zu 94 % vermietet ist. Diese Transaktion steht im Einklang mit Brandwines Strategie des Kapitalrecyclings und der Portfoliomanagement, während es gleichzeitig sein Engagement für Austin durch Entwicklungen wie 405 Colorado und das 66 Hektar große Uptown ATX-Masterproject aufrechterhält.
- 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
- Reduction in portfolio size and rental income generating assets
- Decreased market presence in Southwest Austin area
Insights
The
The transaction aligns with the REIT's portfolio optimization strategy, particularly important given current market challenges in the office sector. The sale to a government entity provides transaction certainty and demonstrates the company's ability to execute value-maximizing dispositions. With their remaining Austin portfolio including the 66-acre Uptown ATX development, Brandywine maintains significant exposure to Austin's robust growth while improving their financial flexibility.
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
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