New York Firm Buys Majority Stake in Several Berwyn Properties for More Than $100 Million

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Image via via Brandywine Realty Trust.
1050 Westlakes Drive in Berwyn.

Brandywine Realty Trust has sold a majority stake in several properties located in Berwyn to New York-based Davidson Kempner Capital Management for more than $100 million, writes Natalie Kostelni for the Philadelphia Business Journal.

The Philadelphia-based real estate company has sold an 80 percent interest in the portfolio. This includes four buildings at Berwyn Park that total 364,639 square feet, four buildings at Southpoint Office Complex that total 250,572 square feet, and an 80,000-square-foot building at 1050 Westlakes Drive.

The deal for the Berwyn Park buildings totaled $59.2 million, the Southpoint Office Complex deal was $44.7 million, while the remaining building traded for $15.7 million.

However, Brandywine, which retains the remaining 20 percent interest in the portfolio of buildings, will continue to oversee their leasing and management.

Some of the Berwyn Park tenants include Triumph Group, Morgan Stanley, and Kistler Tiffany Benefits. Meanwhile, Southpoint Office Complex continues to draw tenants, thanks to its proximity to major highways and various amenities that include the Gateway Shopping Center, King of Prussia Town Center, hotels, and trails.

Read more about the sale in the Philadelphia Business Journal here.

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