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Kim Gatley
enior Vice President & Director of Research at REOC Austin

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Reported mega-deal Acquisition by Brandywine

Real Estate Alert, an insider real estate publication, reports that Brandywine Realty Trust and its Austin portfolio partner, DRA Advisors LLC, will sell five office properties in their joint venture to Starwood Capital Group, a Connecticut-based investment company.

Starwood Capital, a 26-year-old private equity company, would pay about $360 million to the Brandywine-DRA joint venture to acquire Encino Trace, 5707 Southwest Parkway, 319,743 square feet across two buildings; Cielo Center, 1250 S. Capital of Texas Highway, 270,711; Crossings at Lakeline, 11001 Lakeline Blvd., 232,772 square feet across two buildings; Park on Barton Creek, 3711 S. MoPac Expressway, 205,195 square feet across two buildings; and 7000 West at Lantana, 7000 W. William Cannon Drive, 136,075 square feet. Encino Trace was completed in the past couple of years and is the newest asset in the portfolio.

Brandywine would retain and buy out DRA, for an estimated $240 million, for the following assets: Barton Skyway, a series buildings beginning at 1221 S. MoPac Expressway, 785,642 square feet; River Place, 6500 River Place Blvd. in far Northwest Austin, 586,374; and Four Points Centre, 11305 Four Points Drive, also in far Northwest Austin, 192,396 square feet.

The two deals would both rank among Austin’s five largest office sales ever by total dollars, per Real Estate Alert. Dozens of companies lease space in those buildings, from technology to finance to energy to professional services.

Click here to read the original article: Reported mega-deal Acquisition by Brandywine Austin Business Journal 10-3-2017


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