Brandywine Realty Trust to Buy 3151 Market Street for $240 Million
The Philadelphia REIT agreed to an asset purchase of the Market Street property, adding a downtown office asset to its portfolio.
Brandywine Realty Trust (BDN) agreed to acquire 3151 Market Street in a $240.0 million asset purchase.
The transaction is structured as an asset purchase rather than a stock deal, with the trust taking the property itself. No premium, exchange ratio, or expected close date was disclosed in the announcement.
The target is 3151 Market Street, a Philadelphia office property on the city’s principal commercial corridor. Brandywine, a Philadelphia-based real estate investment trust, already holds a large downtown and suburban Pennsylvania portfolio, and the Market Street asset sits in the same market. The company did not state a strategic rationale beyond the purchase itself.
The $240.0 million price is the full consideration for the asset. The release did not break the figure into cash and stock, did not name a seller, and did not describe financing.
Brandywine’s most recent unaudited pro forma work, prepared around a third-quarter 2026 disposition of a property in Austin, Texas, showed historical operating real estate investments, net, of $2.51 billion as of March 31, 2026, and cash and cash equivalents of $36.2 million. Those pro forma statements were prepared as if the Austin sale had occurred on March 31, 2026, and were not updated for the Market Street purchase.
The Austin disposition, which the trust described as significant, reduced operating real estate investments, net, by $104.9 million on a pro forma basis and added $146.1 million of cash. Historical rents for the three months ended March 31, 2026, were $120.7 million; the Austin property contributed $4.7 million of that rent. The company said the pro forma information was for informational purposes only and did not purport to be indicative of results as if the Austin sale had occurred on the dates shown.
The Market Street asset purchase is not reflected in those March 31 pro forma figures. The trust did not provide updated pro forma financials for the new acquisition, nor did it say how the $240.0 million purchase would be funded.
The company said the deal is an asset purchase of 3151 Market Street for $240.0 million. It did not announce a closing date, a financing plan, or a target for when the property would be added to the operating portfolio.