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The agreed-upon price for 3151 Market Street in Philadelphia is $544 per square foot. The building is currently 4% leased.
Brandywine Realty Trust (NYSE: BDN), in an 8-K filed with the SEC on September 3, 2026, disclosed a $240 million agreement to sell the 441,000-square-foot property to an unrelated buyer, with anticipated net proceeds of approximately $168 million after a $57.3 million mortgage is repaid at closing.
The tension is right there in those two numbers. A buyer is paying $544 per square foot for an asset that generates almost no rent.
That spread between price and current income says the transaction is being underwritten on something other than today's cash flows, which makes the buyer's calculus worth examining and the seller's exit timing worth noting.
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