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Ex-Post Office Building Officially Sold for $354M

Brandywine Realty Trust has officially closed on its sale, nabbing $407 per square foot

Brandywine Realty Trust has officially sold the former U.S. Post Office Building at 30th and Chestnut to a foreign investment company for $354 million.

News of the impending transaction was first reported in December. According to CoStar Group, the developer closed on the sale to the Korea Investment Corporation yesterday, March 8.

With the price tag of $354 million, or $407 per square foot, Brandywine Realty Trust offically earned $350.2 million after closing costs. As reported in December, the company will use the proceeds to pay its current mortgage on the property and the Cira Centre South parking garage.

As for the future of the historic Art Deco building, which was constructed in 1935, it's 100 percent occupied, mostly by the IRS, which has 15 years remaining on its lease.