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Brandywine sells Va. office portfolio for $44.5M

BrandywineRealty Trust recently divested an office portfolio in Herndon, Va.,and acquired a development site in the southwest market of Austin, Texas.

The company sold the Virginia portfolio in May for $44.5 million.It comprises two buildings aggregating about 197,000 square feet.

In July, the company paid $20.6 million to buy the Texasproperty, which comprises a 34.6-acre vacant lot zoned for mixed-usedevelopment. It is under contract to sell about 9.5 acres of the land for $14.9million. It plans to retain 25.1 acres designed to accommodate as much as400,000 square feet of office space.

Also in July, Brandywine received a total distribution of$5.1 million that represents its 50% stake in an office asset owned by 1000Chesterbrook, an unconsolidated joint venture in suburban Pennsylvania. Thecompany received the distribution after repaying an existing $23.3 millionmortgage. The joint venture sold the property for $32.1 million in June.