Brandywine Executes 195,000 Square Foot Lease With Time Warner Cable Inc. in Metro DC Office Development
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RADNOR, PA, Jul 23 (MARKET WIRE) --
Brandywine Realty Trust (NYSE: BDN) announced today that it has executed
a 10-year lease transaction with Time Warner Cable Inc. for 195,000
square feet in South Lake at Dulles Corner, a 268,240 square foot office
building in Herndon, Virginia, a suburban office market in metropolitan
Washington, DC. Time Warner Cable Inc. will relocate from several
non-Brandywine locations in the Herndon area and will occupy the South
Lake building between April and August of 2009. The Time Warner Cable
lease brings South Lake at Dulles Corner to 73% leased and is one of the
largest transactions ever completed in the Herndon market.
South Lake at Dulles Corner is a prominent, 10-story office building
located at the intersection of the Dulles Access and Toll Road and Route
28 in Herndon, Virginia in the Dulles Corner office park. Overall,
Brandywine owns six office buildings in the park totaling 1.1 million
square feet, and has the ability to develop an additional 200,000 square
foot office building.
"We are pleased that Time Warner Cable has recognized and validated the
superior characteristics of South Lake at Dulles Corner," stated Robert
Wiberg, Executive Vice President and Senior Managing Director of
Brandywine Realty Trust. "We recognize that Time Warner Cable had other
options and appreciate their endorsement and support of our project."
Time Warner Cable Inc. was represented by Meredith LaPier and Brad Davis
of CBRE's Northern Virginia office. Brandywine was represented by Rob
Faktorow, Terry Reiley, and Dan Falls also of CBRE, working in tandem with
Janet Davis and Mike Cooper, both senior vice presidents at Brandywine.
About Brandywine Realty Trust
Brandywine Realty Trust is one of the largest, publicly traded,
full-service, integrated real estate companies in the United States.
Organized as a real estate investment trust and operating in select
markets, Brandywine owns, develops and manages a primarily Class A,
suburban and urban office portfolio aggregating approximately 40 million
square feet, including 29 million square feet which it owns on a
consolidated basis. For more information, visit our website at
www.brandywinerealty.com.
Forward-Looking Statements
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.
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Investor/Press Contact:
Marge Boccuti
Manager, Investor Relations
Brandywine Realty Trust
610-832-7702
marge.boccuti@bdnreit.com
Company Contact:
Howard M. Sipzner
EVP & CFO
Brandywine Realty Trust
610-832-4907
howard.sipzner@bdnreit.com
Copyright 2008, Market Wire, All rights reserved.
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