Jones Lang LaSalle
Brandywine Completes $11M Lenox Buy
By Sean Ryan
Sean Ryan is associate editor of Real Estate New Jersey.
LAWRENCEVILLE, NJ-The headquarters building vacated by Lenox Corp. is now in Brandywine Realty Trust’s portfolio for $10.5 million. The price works out to more then $116 per sf.
The 90,000-sf class A building owned by Brown-Forman Corp. was initially kept when Brown-Forman sold off its Lenox China business. Milton Charbonneau, vice president of Colliers Houston’s new Princeton office, was tapped for the eventual disposition.
"We were chosen to dispose of the building in a sealed-bid format," Charbonneau says. "The sale was accomplished in short order for the highest market price achievable." He reports that Brandywine will either seek a single tenant for the property, or convert it for multiple tenants.
Lenox signed a $29-million, 12-year lease earlier this year for space in Bristol Borough, PA. The Pennsylvania Governor’s Action Team provided $1.3 million in incentives to get Lenox to make the move across the Delaware.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
Brandywine Completes $11M Lenox Buy
By Sean Ryan
Sean Ryan is associate editor of Real Estate New Jersey.
LAWRENCEVILLE, NJ-The headquarters building vacated by Lenox Corp. is now in Brandywine Realty Trust’s portfolio for $10.5 million. The price works out to more then $116 per sf.
The 90,000-sf class A building owned by Brown-Forman Corp. was initially kept when Brown-Forman sold off its Lenox China business. Milton Charbonneau, vice president of Colliers Houston’s new Princeton office, was tapped for the eventual disposition.
"We were chosen to dispose of the building in a sealed-bid format," Charbonneau says. "The sale was accomplished in short order for the highest market price achievable." He reports that Brandywine will either seek a single tenant for the property, or convert it for multiple tenants.
Lenox signed a $29-million, 12-year lease earlier this year for space in Bristol Borough, PA. The Pennsylvania Governor’s Action Team provided $1.3 million in incentives to get Lenox to make the move across the Delaware.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 3:17 PM
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