One of the largest real estate companies in the country is about to start enter the New Year with a bang as Randor based Brandywine Realty Trust has sold Cira Square, the building at 30th Street in the University City neighborhood of Philadelphia that used to be a U.S. Postal Service building, for $354 million.

The 862,700 square foot building will be valued at $410 per square feet when the transaction is finalized, which is expected to take place in the first quarter of next year. Currently fully leased to the General Services Administration, the property is the base for close to 5,000 employees of the Internal Revenue Service, which has a 20 year lease for the offices. Brandywine Realty Trust has indicated that the prospective buyer is a fund managed by KIM Investment Funds.

The building was purchased by the Brandywine Realty Trust eight years ago for $28 million and following that, the real estate investment trust launched a complete redevelopment of the property. The renovations, which cost $252 million and have completely revamped the old post office building and the nearby garage, took until 2010.

The funds generated from the sale will be used by Brandywine to pay off $212.9 million in debt, while the remainder of the proceeds, a tidy sum of around $124.5 million, will be allocated for various other purposes including finance development and general corporate expenses. Cira Square will also still be managed by the Brandywine Realty Trust, and the company will also seek to prepay a $35.5 million mortgage on 1,662 spaces located in Cira Centre’s South Garage.

This is not the only sale for Brandywine Realty Trust this year, as they have also sold properties in Carlsbad, California, a $6.5 million sale of a1.6-acre development site located at 2nd and King Street in Wilmington in Delaware, and a $4.6 million sale of a 158,000 square foot property in King of Prussia.

This brings the total amount of transactions completed this year to nearly $400 million which will certainly give the Trust flexibility and options going into the New Year.