{"id":1004125349,"date":"2015-08-14T10:48:11","date_gmt":"2015-08-14T18:48:11","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=358078"},"modified":"2020-05-18T16:06:52","modified_gmt":"2020-05-19T00:06:52","slug":"big-deal-29-office-buildings-in-greater-philadelphia-change-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/","title":{"rendered":"Big Deal! 29 Office Buildings in Greater Philadelphia Change Hands"},"content":{"rendered":"<p><em>By Adriana Pop, Associate Editor <\/em><\/p>\n<p><a href=\"https:\/\/www.brookwoodfinancial.com\/\" rel=\"nofollow\" >Brookwood Financial Partners<\/a> expanded its footprint in the Philadelphia suburbs with the acquisition of 29 buildings.<\/p>\n<div id=\"attachment_358079\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/500-Office-Center-Drive-in-Fort-Washington-Pa..jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-358079\" title=\"500 Office Center Drive in Fort Washington, Pa.\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/500-Office-Center-Drive-in-Fort-Washington-Pa..jpg\" alt=\"500 Office Center Drive in Fort Washington, Pa.\" width=\"300\" height=\"229\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">500 Office Center Drive in Fort Washington, Pa.<\/p>\n<\/div>\n<p>The portfolio comprises 23 Class A and Class B office facilities and six office\/flex properties that range in size from 17,750 square feet to 132,385 square feet. These assets, according to the <em><a href=\"https:\/\/www.bizjournals.com\/philadelphia\/blog\/real-estate\/2015\/08\/brookwood-philly-burbs-real-estate-portfolio-sold.html\" rel=\"nofollow\" >Philadelphia Business Journal<\/a><\/em>, traded for a reported $183 million. They contain a total of 1,611,961 square feet and include the following four sub-portfolios:<\/p>\n<ul>\n<li>Bucks County sub-portfolio, which consists of three Class B office buildings located in Bensalem, PA; the properties total 167,280 square feet and have an occupancy of 80.6 percent;<\/li>\n<li>Fort Washington sub-portfolio, which consists of six Class A and B office buildings located in Fort Washington, PA; the properties total 457,913 square feet and have an occupancy of 88.3 percent;<\/li>\n<li>Horsham Sub-Portfolio, which consists of nine Class A and B office buildings located in Horsham, PA; these properties total 318,137 square feet and have an occupancy of 84.6 percent;<\/li>\n<li>Lehigh Valley sub-portfolio, which consists of eleven Class A and B buildings located in Allentown, PA; the properties total 668,631 square feet and have an occupancy of 85.2 percent.<\/li>\n<\/ul>\n<p>The entire portfolio was owned by <a href=\"https:\/\/www.brandywinerealty.com\/\" rel=\"nofollow\" >Brandywine Realty Trust<\/a> until 2007, when the company sold an 80 percent stake to <a href=\"https:\/\/www.draadvisors.com\/index.aspx\" rel=\"nofollow\" >DRA Advisors<\/a>. Brandywine retained the remaining 20 percent interest, as well as the management responsibilities of the properties.<\/p>\n<p>Since DRA purchased these assets at the peak of the market, the company suffered a large loss. Earlier this year, DRA entered into a forbearance agreement with a lender involved in this acquisition that held a non-recourse mortgage on the properties with a balance of $174.2 million. The agreement allowed the lender to sell the assets to Brookwood.<\/p>\n<p>The entire acquisition was not easy to complete, according to Tom Brown, president of Brookwood. \u201cThere were a lot of moving parts,\u201d he told the newspaper.<\/p>\n<p>With this transaction, Brookwood now owns and manages 110 buildings throughout the United States consisting of approximately 8.5 million square feet in 10 states with a current value of more than $1.2 billion.<\/p>\n<p><em>Photo credits: loopnet.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brookwood Financial Partners has expanded its footprint in the Philadelphia suburbs with the acquisition of a 29-building office portfolio.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1494],"tags":[39402],"class_list":["post-1004125349","post","type-post","status-publish","format-standard","hentry","category-latest","category-philadelphia","tag-philadelphia"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Big Deal! 29 Office Buildings in Greater Philadelphia Change Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big Deal! 29 Office Buildings in Greater Philadelphia Change Hands\" \/>\n<meta property=\"og:description\" content=\"Brookwood Financial Partners has expanded its footprint in the Philadelphia suburbs with the acquisition of a 29-building office portfolio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-08-14T18:48:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-19T00:06:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/500-Office-Center-Drive-in-Fort-Washington-Pa..jpg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/\",\"name\":\"Big Deal! 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29 Office Buildings in Greater Philadelphia Change Hands\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c6fbe4a6cd09e6097b39e787ae96d7ad\",\"name\":\"Adriana Pop\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Adriana.jpg?w=91\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Adriana.jpg?w=91\",\"caption\":\"Adriana Pop\"},\"description\":\"Adriana Pop is a senior editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2012, with an academic background in economics, English and Italian. She currently curates the CPE Sneak Peek newsletter, highlighting noteworthy stories and emerging topics for readers. Connect with her at adriana.pop@cpe-mhn.com or on LinkedIn: https:\/\/www.linkedin.com\/in\/ioana-adriana-pop-811772108\/.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/adriana-pop\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Big Deal! 29 Office Buildings in Greater Philadelphia Change Hands - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/","og_locale":"en_US","og_type":"article","og_title":"Big Deal! 29 Office Buildings in Greater Philadelphia Change Hands","og_description":"Brookwood Financial Partners has expanded its footprint in the Philadelphia suburbs with the acquisition of a 29-building office portfolio.","og_url":"https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2015-08-14T18:48:11+00:00","article_modified_time":"2020-05-19T00:06:52+00:00","og_image":[{"url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/500-Office-Center-Drive-in-Fort-Washington-Pa..jpg","type":"","width":"","height":""}],"author":"Adriana Pop","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/","url":"https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/","name":"Big Deal! 29 Office Buildings in Greater Philadelphia Change Hands - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/500-Office-Center-Drive-in-Fort-Washington-Pa..jpg","datePublished":"2015-08-14T18:48:11+00:00","dateModified":"2020-05-19T00:06:52+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c6fbe4a6cd09e6097b39e787ae96d7ad"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/#primaryimage","url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/500-Office-Center-Drive-in-Fort-Washington-Pa..jpg","contentUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/500-Office-Center-Drive-in-Fort-Washington-Pa..jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/big-deal-29-office-buildings-in-greater-philadelphia-change-hands\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Big Deal! 29 Office Buildings in Greater Philadelphia Change Hands"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c6fbe4a6cd09e6097b39e787ae96d7ad","name":"Adriana Pop","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Adriana.jpg?w=91","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Adriana.jpg?w=91","caption":"Adriana Pop"},"description":"Adriana Pop is a senior editor with Commercial Property Executive and Multi-Housing News. 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