As part of this transaction, Brandywine has acquired Prentiss Properties' assets in Washington, D.C., northern and southern California, all properties in Austin and Dallas, Texas, as well as related land holdings. Brandywine now owns/manages a portfolio of 49 million square feet of space with a total market capitalization of $6 billion, making it one of the largest office REITs in the industry. Prudential Real Estate Advisors also closed on its acquisition of approximately $753 million of assets of Prentiss assets.
Michael V. Prentiss, chairman of Prentiss Properties, and Thomas F. August, president and chief executive officer of Prentiss Properties, have joined Brandywine's Board of Trustees. The combined company's corporate structure will include several Prentiss Properties executives and Prentiss regional operations will be incorporated into Brandywine's operating platform.
Gerard H. Sweeney, president and chief executive officer of Brandywine, stated, "We are pleased to announce the completion of Brandywine's merger with Prentiss Properties Trust and appreciate our shareholders' support in overwhelmingly approving this transaction. The new Brandywine Realty Trust is well positioned to execute our market concentration program within a new multi-market footprint. We are also delighted to welcome the Prentiss team to Brandywine and look forward to successfully implementing our business plans in the year ahead."
In this transaction, J.P. Morgan Securities Inc. acted as exclusive advisor to both Brandywine and Prudential Real Estate Investors while Lazard Freres & Co. LLC served as exclusive advisor to Prentiss Properties. The law firm of Pepper Hamilton LLP advised Brandywine, and the law firm of Akin Gump advised Prentiss Properties.
About Brandywine Realty Trust
Brandywine Realty Trust (NYSE:BDN), with headquarters in Plymouth Meeting, Pa., is one of the largest full-service, completely integrated real estate companies in the United States. Organized as a real estate investment trust (REIT), Brandywine owns, manages or has ownership interest in office and industrial properties aggregating 49 million square feet.
For more information, visit Brandywine's website at www.brandywinerealty.com.
Note: Certain statements in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company and its affiliates or industry results to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors relate to, among others, the Company's ability to lease vacant space and to renew or relet space under expiring leases at expected levels, the potential loss of major tenants, interest rate levels, the availability and terms of debt and equity financing, competition with other real estate companies for tenants and acquisitions, risks of real estate acquisitions, dispositions and developments, including cost overruns and construction delays, unanticipated operating costs and the effects of general and local economic and real estate conditions. Additional information or factors which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.