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Thomas Properties Group and Brandywine Realty Trust Announce Closing of Commerce Square Transaction

LOS ANGELES – November 11, 2010 – Thomas Properties Group, Inc. (NASDAQ: TPGI) and Brandywine Realty Trust (NYSE: BDN) announced today that they have closed on the investment by Brandywine in the Commerce Square project in Philadelphia, PA. In connection with the closing, Brandywine has contributed an initial $5 million, out of a total of $25 million of committed preferred equity, to the two partnerships that own the 943,000 square foot One Commerce Square building and the 953,000 square foot Two Commerce Square building, and has been admitted as a 25% limited partner in each partnership. TPGI continues to operate, manage and lease the Commerce Square project and retains a 75% interest in both buildings.

About Thomas Properties Group, Inc.
Thomas Properties Group, Inc., with headquarters in Los Angeles, is a full-service real estate company that owns, acquires, develops and manages primarily office, as well as mixed-use and residential properties on a nationwide basis. The company's primary areas of focus are the acquisition and ownership of premier properties, property development and redevelopment, and property and investment management activities. For more information on Thomas Properties Group, Inc., please visit www.tpgre.com.

About Brandywine Realty Trust
Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States. Organized as a real estate investment trust and operating in select markets, Brandywine owns, develops, manages and has ownership interests in a primarily Class A, suburban and urban office portfolio comprising 318 properties and 34.4 million square feet, including 238 properties and 25.9 million square feet owned on a consolidated basis and 49 properties and 4.6 million square feet in 15 unconsolidated real estate ventures. For more information on Brandywine, please visit www.brandywinerealty.com.

Forward-Looking Statements:
Statements made in this press release that are not historical may contain forward-looking statements. Although TPGI and BDN believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Factors that could cause actual results to differ materially from TPGI’s and BDN’s expectations include actual and perceived trends in various national and economic conditions that affect global and regional markets for commercial real estate services including interest rates, the availability of credit and equity investors to finance commercial real estate transactions, their ability to enter into or renew leases at favorable rates, which can be impacted by the financial condition of their tenants, risks associated with the success of their development and property redevelopment projects, general volatility in the securities and credit markets, and the impact of tax laws affecting real estate. For a discussion of some of the factors that may cause results to differ from management’s expectations, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in TPGI’s and BDN’s Forms 10-K for the year ended December 31, 2009 and in TPGI’s and BDN’s quarterly reports on Form 10-Q for 2010, which are filed with the SEC. TPGI and BDN disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Brandywine Realty Trust
Investor Contact:
Marge Boccuti
610-832-7702
marge.boccuti@bdnreit.com

Media Contact:
Maureen Garrity
Tierney Agency
215-790-4408
mgarrity@tierneyagency.com

Thomas Properties Group, Inc.
Investor Contact:

Diana Laing
213-613-1900
dlaing@tpgre.com

 

 

 

 

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