Brandywine Realty Trust has acquired a 145,127-square-foot office building in Richmond, Va., for approximately $24 million.
The property, One Paragon Place, was built in 1988 and is currently 98 percent leased. It features rose granite and full-height glass.
One Paragon Place, located in a suburban area of Richmond, was purchased “free and clear of any debt and (the company) funded its purchase with proceeds from its unsecured credit facility,” Brandywine said.
The purchase is a continuation of Brandywine’s overall investment strategy of acquiring Class A office buildings in its existing core markets, according to Gerard H. Sweeney, president and CEO of Brandywine Realty Trust.
The company purchased Two Paragon in 2002, Sweeney said, and is currently developing Three Paragon. The acquisition of One Paragon completes Brandywine’s objective of owning all the Class A office space in Paragon Place, Sweeney said.
Brandywine Realty Trust, headquartered 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, Brandywine owns, manages or has ownership interest in office and industrial properties aggregating 46 million square feet.