<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(RULE 13d-101)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
BRANDYWINE REALTY TRUST
(NAME OF ISSUER)
Common Shares, par value $0.01 per share
(TITLE OF CLASS OF SECURITIES)
105368203
(CUSIP NUMBER)
LF Strategic Realty Investors L.P.
Lazard Freres Real Estate Investors L.L.C.
Prometheus AAPT Holdings, L.L.C.
Commonwealth Atlantic Properties Investors Trust
30 Rockefeller Plaza, 63rd Floor
New York, NY 10020
(212) 632-6000
Commonwealth Atlantic Properties Inc.
Commonwealth Atlantic Operating Properties Inc.
Commonwealth Atlantic Land I Inc.
Commonwealth Atlantic Land II Inc.
Commonwealth Atlantic Land III Inc.
Commonwealth Atlantic Land V Inc.
Richmond Land Corporation
Commonwealth Atlantic Holding I Inc.
Commonwealth Atlantic Development Inc.
66 Canal Center Plaza, 7th Floor Alexandria, VA 23219
with a copy to:
R. Ronald Hopkinson, Esq.
Latham & Watkins
885 Third Avenue
New York, New York 10022
(212) 906-1200
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
July 31, 1999
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-l(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule l3d-l(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The Information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE> 2
<TABLE>
<CAPTION>
SCHEDULE 13D
<S> <C> <C>
- ---------- --------------------------------------------------------------------------------------------------------------------
CUSIP NO. 105368203 PAGE 2 OF 18
- ---------- --------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LF Strategic Realty Investors L.P.
- ---------- --------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF (See Item 3)
- ---------- --------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ---------- --------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 4,107,143 (See Item 5)
BENEFICIALLY -------- --------------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING -------- --------------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 4,107,143 (See Item 5)
-------- --------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- ---------- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,107,143 (See Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.85%
- ---------- --------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN (limited partnership)
- ---------- --------------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 3
<TABLE>
<CAPTION>
SCHEDULE 13D
<S> <C> <C>
- ---------- --------------------------------------------------------------------------------------------------------------------
CUSIP NO. 105368203 PAGE 3 OF 18
- ---------- --------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lazard Freres Real Estate Investors L.L.C.
- ---------- --------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF (See Item 3)
- ---------- --------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- ---------- --------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 4,107,143 (See Item 5)
BENEFICIALLY -------- --------------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING -------- --------------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 4,107,143 (See Item 5)
-------- ----------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- ---------- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,107,143 (See Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.85%
- ---------- --------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO (limited liability company)
- ---------- --------------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 4
<TABLE>
<CAPTION>
SCHEDULE 13D
<S> <C> <C>
- ---------- --------------------------------------------------------------------------------------------------------------------
CUSIP NO. 105368203 PAGE 4 OF 18
- ---------- --------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Prometheus AAPT Holdings, L.L.C.
- ---------- --------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO (See Item 3)
- ---------- --------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ---------- --------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,339,286
BENEFICIALLY -------- --------------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING -------- --------------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 1,339,286
-------- --------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- ---------- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,339,286
- ---------- --------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.21%
- ---------- --------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO (limited liability company)
- ---------- --------------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 5
<TABLE>
<CAPTION>
SCHEDULE 13D
<S> <C> <C>
- ---------- --------------------------------------------------------------------------------------------------------------------
CUSIP NO. 105368203 PAGE 5 OF 18
- ---------- --------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Commonwealth Atlantic Operating Properties Inc.
- ---------- --------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO (See Item 3)
- ---------- --------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
- ---------- --------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 2,183,114
BENEFICIALLY -------- --------------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING -------- --------------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 2,183,114
-------- --------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- ---------- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,183,114
- ---------- --------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.24%
- ---------- --------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ---------- --------------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 6
<TABLE>
<CAPTION>
SCHEDULE 13D
<S> <C> <C>
- ---------- --------------------------------------------------------------------------------------------------------------------
CUSIP NO. 105368203 PAGE 6 OF 18
- ---------- --------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Commonwealth Atlantic Land II Inc.
- ---------- --------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO (See Item 3)
- ---------- --------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
- ---------- --------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 506,663
BENEFICIALLY -------- --------------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,183,114 (see Item 5)
REPORTING -------- --------------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 506,663
-------- --------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,183,114 (see Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,689,777 (See Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.45%
- ---------- --------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ---------- --------------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 7
<TABLE>
<CAPTION>
SCHEDULE 13D
<S> <C> <C>
- ---------- --------------------------------------------------------------------------------------------------------------------
CUSIP NO. 105368203 PAGE 7 OF 18
- ---------- --------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Commonwealth Atlantic Land III Inc.
- ---------- --------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO (See Item 3)
- ---------- --------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
- ---------- --------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY -------- --------------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,183,114 (see Item 5)
REPORTING -------- --------------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
-------- --------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,183,114 (see Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,183,114 (see Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.24%
- ---------- --------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ---------- --------------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 8
<TABLE>
<CAPTION>
SCHEDULE 13D
<S> <C> <C>
- ---------- --------------------------------------------------------------------------------------------------------------------
CUSIP NO. 105368203 PAGE 8 OF 18
- ---------- --------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Commonwealth Atlantic Land V Inc.
- ---------- --------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO (See Item 3)
- ---------- --------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
- ---------- --------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY -------- --------------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,183,114 (see Item 5)
REPORTING -------- --------------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
-------- --------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,183,114 (see Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,183,114 (see Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.24%
- ---------- --------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ---------- --------------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 9
<TABLE>
<CAPTION>
SCHEDULE 13D
<S> <C> <C>
- ---------- --------------------------------------------------------------------------------------------------------------------
CUSIP NO. 105368203 PAGE 9 OF 18
- ---------- --------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Commonwealth Atlantic Land I Inc.
- ---------- --------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO (See Item 3)
- ---------- --------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
- ---------- --------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY -------- --------------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,183,114 (see Item 5)
REPORTING -------- --------------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
-------- --------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,183,114 (see Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,183,114 (see Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.24%
- ---------- --------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ---------- --------------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 10
<TABLE>
<CAPTION>
SCHEDULE 13D
<S> <C> <C>
- ---------- --------------------------------------------------------------------------------------------------------------------
CUSIP NO. 105368203 PAGE 10 OF 18
- ---------- --------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Richmond Land Corporation
- ---------- --------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO (See Item 3)
- ---------- --------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
- ---------- --------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY -------- --------------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,183,114 (see Item 5)
REPORTING -------- --------------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
-------- --------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,183,114 (see Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,183,114 (see Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- ---------- --------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.24%
- ---------- --------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ---------- --------------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 11
<TABLE>
<CAPTION>
SCHEDULE 13D
<S> <C> <C>
- ---------- --------------------------------------------------------------------------------------------------------------------
CUSIP NO. 105368203 PAGE 11 OF 18
- ---------- --------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Commonwealth Atlantic Holding I Inc.
- ---------- --------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO (See Item 3)
- ---------- --------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
- ---------- --------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 2,183,114 (see Item 5)
BENEFICIALLY -------- --------------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING -------- --------------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 2,183,114 (see Item 5)
-------- --------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- ---------- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,183,114 (see Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.24%
- ---------- --------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ---------- --------------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 12
<TABLE>
<CAPTION>
SCHEDULE 13D
<S> <C> <C>
- ---------- --------------------------------------------------------------------------------------------------------------------
CUSIP NO. 105368203 PAGE 12 OF 18
- ---------- --------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Commonwealth Atlantic Properties Inc.
- ---------- --------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO (See Item 3)
- ---------- --------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
- ---------- --------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 2,767,856
BENEFICIALLY -------- --------------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING -------- --------------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 2,767,856
-------- --------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- ---------- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,767,856 (see Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.64%
- ---------- --------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ---------- --------------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 13
<TABLE>
<CAPTION>
SCHEDULE 13D
<S> <C> <C>
- ---------- --------------------------------------------------------------------------------------------------------------------
CUSIP NO. 105368203 PAGE 13 OF 18
- ---------- --------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Commonwealth Atlantic Properties Investors Trust
- ---------- --------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO (See Item 3)
- ---------- --------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
- ---------- --------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY -------- --------------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,767,856 (see Item 5)
REPORTING -------- --------------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
-------- --------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,767,856 (see Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,767,856 (see Item 5)
- ---------- --------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.64%
- ---------- --------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ---------- --------------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 14
<TABLE>
<CAPTION>
SCHEDULE 13D
<S> <C> <C>
- ---------- --------------------------------------------------------------------------------------------------------------------
CUSIP NO. 105368203 PAGE 14 OF 18
- ---------- --------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Commonwealth Atlantic Development Inc.
- ---------- --------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- ---------- --------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- --------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO (See Item 3)
- ---------- --------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
- ---------- --------------------------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 78,080
BENEFICIALLY -------- --------------------------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING -------- --------------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 78,080
-------- --------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- ---------- --------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
78,080
- ---------- --------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---------- --------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.19%
- ---------- --------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ---------- --------------------------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 15
PAGE 15 OF 18
ITEM 1 SECURITY AND ISSUER.
This statement relates to common shares, par value $.01 per common
share (the "Common Shares"), of Brandywine Realty Trust, a Maryland real estate
investment trust (NYSE: BDN) ("Brandywine"). Brandywine has its principal
executive offices at 16 Campus Boulevard, Suite 150, Newtown Square, PA 19073.
ITEM 2 IDENTITY AND BACKGROUND.
(a) This statement is filed by Prometheus AAPT Holdings, L.L.C., a
Delaware limited liability company ("Holdings"), Commonwealth Atlantic Operating
Properties Inc., a Virginia corporation ("CAOP"), Commonwealth Atlantic Land II
Inc., a Virginia corporation ("CAL"), Commonwealth Atlantic Development Inc., a
Virginia corporation, ("CADI" and, together with CAOP and CAL, individually and
collectively, the "CAP Sellers"), Commonwealth Atlantic Land I Inc., a Virginia
corporation ("CAL I"), Commonwealth Atlantic Land III Inc., a Virginia
corporation ("CAL III"), Commonwealth Atlantic Land V Inc., a Virginia
corporation ("CAL V"), Richmond Land Corporation, a Virginia corporation
("RLC"), Commonwealth Atlantic Holding I Inc., a Virginia corporation ("CAHI"),
Commonwealth Atlantic Properties Inc., a Virginia real estate investment trust
("CAPI"), Commonwealth Atlantic Properties Investors Trust, a Maryland real
estate investment trust ("CAPIT"), Lazard Freres Real Estate Investors L.L.C., a
New York limited liability company ("LFREI"), and LF Strategic Realty Investors
L.P., a Delaware limited partnership ("LFSRI" and, together with Holdings, CAL
I, CAL III, CAL V, RLC, CAHI, CAPI, CAPIT, LFREI and the CAP Sellers, the
"Reporting Persons").
(b) The principal business offices of LFREI, LFSRI, Holdings and CAPIT
are c/o Lazard Freres Real Estate Investors L.L.C., 30 Rockefeller Plaza, 63rd
Floor, New York, New York 10020. The principal business offices of CAL I, CAL
III, CAL V, RLC, CAHI, CAPI and the CAP Sellers are c/o 66 Canal Center Plaza,
7th Floor, Alexandria, VA 22314. The name, business address and principal
occupation or employment of the executive officers and, as applicable, directors
and trustees of LFREI, CAOP, CAL I, CAL III, CAL V, RLC, CAPIT, CAPI, CAHI, CAL
and CADI are set forth on Schedules 1 through 11.
(c) LFSRI is an investment partnership formed to invest in companies
active in the real estate industry. The general partner of the partnership is
LFREI. LFREI's activities consist principally of acting as general partner of
several real estate investment partnerships that are affiliated with Lazard
Freres & Co. L.L.C. ("Lazard"). LFREI and Lazard disclaim beneficial ownership
of any of the Common Shares reported in this Statement. Holdings is a vehicle
formed to complete the sale of certain assets to Brandywine and hold certain
investments of its sole member, LFSRI. Each of CAPIT, CAPI, CAOP, CAL, RLC,
CAHI, CAL I, CAL III, CAL V, RLC, and CADI directly or indirectly hold certain
real estate investments of LFSRI. LFSRI owns one-hundred percent of the common
shares of CAPIT. LFSRI owns 84% and CAPIT
<PAGE> 16
PAGE 16 OF 18
owns 16% of the common shares of CAPI. CADI, RLC, CAL I, CAL III, CAL V and CAL
are wholly owned by CAPI. CAOP is wholly owned by CAHI, which is owned by CAPI,
CAL, CAL I, CAL III, CAL V and RLC. CAPI has a 30%, CAL has a 34%, CAL I has a
22%, CAL III has a 6%, CAL V has a 4% and RLC has a 4% ownership interest in
CAHI.
(d) No person described in Item 2(c) nor, to the best knowledge of the
Reporting Persons, any person listed on any of Schedules 1 through 11 during the
past five years has been convicted in a criminal proceeding (excluding traffic
violations and similar misdemeanors).
(e) No person described in Item 2(c) nor, to the best knowledge of the
Reporting Persons, any person listed on any of Schedules 1 through 11 during the
last five years has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result was or is subject
to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
(f) Each person listed on Schedules 1 through 11 are U.S. Citizens,
except as listed on Schedule 2.
ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Holdings received shares of beneficial interest in Brandywine having a
stated value of $37,500,000 and the CAP Sellers received preferred units of
Brandywine Operating Partnership, L.P. ("Buyer OP") having a stated value of
$97,500,000, each as described in Item 5, in exchange for their interests in
certain real estate assets which were sold to Brandywine and Buyer OP (together,
the "Buyers") pursuant to a Purchase and Contribution Agreement (the "Purchase
Agreement"), dated as of August 6, 1998, among the Buyers, LFSRI, Holdings, the
CAP Sellers and Commonwealth Atlantic Land IV Inc., a Virginia corporation.
ITEM 4 PURPOSE OF TRANSACTION.
Holdings and the CAP Sellers sold their investment in certain real
estate assets to the Buyers and received the interests described in Item 5 as a
portion of the purchase price. The Reporting Persons are holding the received
interests for investment purposes. The Reporting Persons may over time to
dispose of their interests in Brandywine, to the extent converted in accordance
with their terms into Common Shares, as described in Item 5, through sales of
all or a portion of such Common Shares in the open market or in privately
negotiated transactions, or through redemption of such interests for cash
pursuant to the terms thereof as described in Item 5. The amount and timing of
such dispositions will depend upon the Reporting Persons' review of numerous
factors, including, among other things, the price levels of the Common Shares,
general market and economic conditions, ongoing evaluation of the company's
assets and operations and the attractiveness of alternative business and
investment opportunities.
Pursuant to the Board of Trustees Designation Letter, dated as of
September 28, 1998 and filed as Exhibit 2 hereto and incorporated herein by
reference, Brandywine will use its
<PAGE> 17
PAGE 17 OF 18
commercially reasonable efforts to cause a person selected by LFSRI to be
nominated at each annual election of the Board until LFSRI no longer directly or
indirectly owns a certain portion of the Buyer's securities.
ITEM 5 INTEREST IN SECURITIES OF THE ISSUER.
(a) Holdings owns of record and beneficially 750,000 shares of 7.25%
Series A Cumulative Convertible Preferred Shares of beneficial interest in
Brandywine with an aggregate liquidation preference of $37,500,000 ("Preferred
Shares"). Such Preferred Shares are convertible into Common Shares at a
conversion price of $28 per share; provided that if the Common Shares have
traded at $23 per share or lower during the 60 trading day period ending
December 31, 2003, the Conversion Price is reduced to $26.50.
CAOP owns of record and beneficially 1,222,544 Class B preferred units
of Buyer OP (the "Preferred Units"), CAL owns of record and beneficially 283,731
Preferred Units and CADI owns of record and beneficially 43,725 Preferred Units.
Each Preferred Unit has a liquidation preference of $50.00 The Preferred Units
may be redeemed at the option of Holdings for Class A Units of Buyer OP ("Class
A Units") at a conversion price of $28 per unit; provided that if the Common
Shares have traded at $23 per share or lower during the 60 trading day period
ending December 31, 2003, the Conversion Price is reduced to $26.50. The Class A
Units are mandatorily redeemable at the option of each CAP Seller for cash
beginning on September 28, 1999; provided, however, that Brandywine, as the
general partner of Buyer OP, may elect at its sole discretion to purchase any
Class A Units requested to be redeemed or exchange such units for Common Shares
of Brandywine on a one for one basis.
Assuming each of the Reporting Persons owning Preferred Shares or
Preferred Units converts all its Preferred Shares to Common Shares, at a
conversion price of $28.00 per share, and converts all its Preferred Units to
Class A Units, at a conversion price of $28.00 per unit, which are then
converted to Common Shares, LFSRI will beneficially own 4,107,143, or 9.85%, of
the outstanding Common Shares of Brandywine (based on Brandywine's Quarterly
Report on form 10Q for the period ended March 31, 1999, as filed with the
Securities and Exchange Commission). With respect to each other Reporting
Person, assuming such full conversion:
(1) as the record holders of Common Shares, (a) Holdings will
beneficially own 1,339,286, or 3.21%, (b) CAOP will beneficially
own 2,183,114, or 5.24%, and (c) CADI will beneficially own 78,080,
or 0.19%, of the outstanding Common Shares,
(2) CAL will beneficially own 2,689,777 (506,663 which it will own of
record and 2,183,114 which it may be deemed to beneficially own
by virtue of its indirect interest in CAOP), or 6.45%, of the
Common Shares,
(3) CAHI, as the sole shareholder of CAOP, may be deemed to
beneficially own 2,183,114, or 5.24%, of the Common Shares,
<PAGE> 18
(4) as shareholders of CAHI, the sole shareholder of CAOP, each of CAL
I, CAL III, CAL V, and RLC may be deemed to beneficially own
2,183,114, or 5.24%, of the Common Shares,
(5) CAPI as the 100% direct and indirect shareholder of CAOP, CAL and
CADI may be deemed to beneficially own 2,767,856, or 6.64%, of the
Common Shares, and
(6) as a shareholder of CAPI, CAPIT may be deemed to beneficially own
2,767,856 , or 6.64%, of the Common Shares.
LFREI disclaims beneficial ownership of any of the Common Shares reported in
this Statement.
(b) Assuming full conversion in each case above, LFREI, as general
partner of LFSRI, would have the power to direct the vote and disposition of
4,107,143 Common Shares. Each of Holdings, CAOP, CAL and CADI would have the
power to vote or dispose or direct the vote or disposition of its directly owned
Common Shares, as described in Item 5(a). CAPIT as a shareholder of CAPI may be
deemed to have the shared power along with LFSRI to direct the vote or
disposition of the Common Shares held by CAOP, CAL and CADI. CAPI as the 100%
direct and indirect shareholder of CAOP, CAL and CADI may be deemed to have the
sole power to direct the vote or disposition of the Common Shares owned by CAOP,
CAL and CADI. Each of CAL, CAL I, CAL III, CAL V, RLC and CAPI, as the
shareholders of CAHI, the sole shareholder of CAOP, may be deemed to have the
shared power to direct the vote or disposition of the Common Shares owned by
CAOP. CAHI as the sole shareholder of CAOP may be deemed to have the sole power
to direct the vote or disposition of the Common Shares owned by CAOP.
(c) No persons described in Item 2(c) has acquired or disposed of any
shares of Common Shares during the past sixty days. No person, other than as
reported in this Statement with respect to the Reporting Persons, beneficially
owns any Common Shares.
ITEM 6 CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS, OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
Except as otherwise disclosed, there are no contracts, arrangements,
understandings or relationships with respect to securities of Brandywine.
ITEM 7 MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1. Joint Filing Agreement.
Exhibit 2. Board of Trustees Designation Letter.
<PAGE> 19
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
PROMETHEUS AAPT HOLDINGS, L.L.C.
By: LF Strategic Realty Investors L.P.,
its sole member
By: Lazard Freres Real Estate Investors L.L.C.,
its general partner
By: /s/ John A. Moore
-----------------------------------------
Name: John A. Moore
Title: Principal and Chief Financial Officer
of LFREI
LF STRATEGIC REALTY INVESTORS L.P.
By: Lazard Freres Real Estate Investors L.L.C.,
its general partner
By: /s/ John A. Moore
-----------------------------------------
Name: John A. Moore
Title: Principal and Chief Financial Officer
of LFREI
LAZARD FRERES REAL ESTATE INVESTORS L.L.C.
By: /s/ John A. Moore
-----------------------------------------
Name: John A. Moore
Title: Principal and Chief Financial Officer
of LFREI
<PAGE> 20
COMMONWEALTH ATLANTIC OPERATING PROPERTIES INC.
By: /s/ John A. Moore
-----------------------------------------
Name: John A. Moore
Title: Vice President
COMMONWEALTH ATLANTIC LAND II INC.
By: /s/ John A. Moore
-----------------------------------------
Name: John A. Moore
Title:
COMMONWEALTH ATLANTIC DEVELOPMENT INC.
By: /s/ John A. Moore
-----------------------------------------
Name: John A. Moore
Title: Vice President
COMMONWEALTH ATLANTIC PROPERTIES INVESTORS TRUST
By: /s/ John A. Moore
-----------------------------------------
Name: John A. Moore
Title: Vice President, Chief Financial Officer
and Trustee
<PAGE> 21
COMMONWEALTH ATLANTIC PROPERTIES INC.
By: /s/ John A. Moore
------------------------------
Name: John A. Moore
Title: Vice President
COMMONWEALTH ATLANTIC LAND III INC.
By: /s/ John A. Moore
------------------------------
Name: John A. Moore
Title: Vice President
COMMONWEALTH ATLANTIC LAND V INC.
By: /s/ John A. Moore
------------------------------
Name: John A. Moore
Title: Vice President
COMMONWEALTH ATLANTIC HOLDING I INC.
By: /s/ John A. Moore
------------------------------
Name: John A. Moore
Title: Vice President
<PAGE> 22
RICHMOND LAND CORPORATION
By: /s/ John A. Moore
------------------------------
Name: John A. Moore
Title: Vice President
COMMONWEALTH ATLANTIC LAND I INC.
By: /s/ John A. Moore
------------------------------
Name: John A. Moore
Title: Vice President
<PAGE> 23
SCHEDULE 1
EXECUTIVE OFFICERS AND TRUSTEES OF CAPIT
<TABLE>
<CAPTION>
NAME OF OFFICER OR TRUSTEE BUSINESS ADDRESS PRESENT OFFICE WITH COMPANY
- -------------------------- ---------------- ---------------------------
<S> <C> <C>
Matthew J. Lustig 30 Rockefeller Plaza, 63rd Floor, President and Trustee of CAPIT
New York, NY 10020
Mark S. Ticotin 30 Rockefeller Plaza, 63rd Floor, Vice President and Trustee of CAPIT
New York, NY 10020
John A. Moore 30 Rockefeller Plaza, 63rd Floor, Vice President, Chief Financial
New York, NY 10020 Officer and Trustee of CAPIT
Anthony E. Meyer 30 Rockefeller Plaza, 63rd Floor, Vice President of CAPIT
New York, NY 10020
Henry C. Herms 30 Rockefeller Plaza, 63rd Floor, Treasurer of CAPIT
New York, NY 10020
Marjorie L. Reifenberg 30 Rockefeller Plaza, 63rd Floor, Secretary of CAPIT
New York, NY 10020
</TABLE>
<PAGE> 24
SCHEDULE 2
EXECUTIVE OFFICERS OF LFREI
The business address for each of the following persons is 30
Rockefeller Plaza, 63rd Floor, New York, NY 10020.
NAME OF OFFICER PRESENT OFFICE WITH COMPANY
- --------------- ---------------------------
Matthew J. Lustig Head of Lazard Real Estate Investment Activities;
Managing Director of Lazard; Acting Chief
Executive Officer of LFREI
Mark Ticotin Chief Operating Officer of LFREI
Anthony E. Meyer Principal of LFREI
Klaus P. Kretschmann Principal of LFREI
Marjorie L. Reifenberg Principal, General Counsel and Secretary of LFREI
Douglas Healy Principal of LFREI
John A. Moore Principal and CFO of LFREI
Douglas N. Wells* Vice President of LFREI
Gregory Weinberger Vice President of LFREI
Paul Froning Vice President of LFREI
Henry C. Herms Comptroller of LFREI
Ellery Roberts Vice President of LFREI
*Canadian citizen
<PAGE> 25
SCHEDULE 3
EXECUTIVE OFFICERS AND DIRECTORS OF CAPI
<TABLE>
<CAPTION>
NAME OF OFFICER OR DIRECTOR BUSINESS ADDRESS PRESENT OFFICE WITH COMPANY
- --------------------------- ---------------- ---------------------------
<S> <C> <C>
Matthew J. Lustig 30 Rockefeller Plaza, 63rd Floor, New Chairman and Director of CAPI
York, NY 10020
Mark S. Ticotin 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAPI
York, NY 10020
John A. Moore 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAPI
York, NY 10020
Christopher L. Keefer McGuire Woods Battle & Boothe, LLP, 8280 Assistant Secretary of CAPI
Greensboro Drive, Suite 900, Tysons
Corner, McLean, VA 022102-3892
Henry C. Herms 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAPI
York, NY 10020
Brent W. Sinnett 600 East Main Street, Suite 2300, Chief Financial Officer of CAPI
Richmond, VA 23219
Klaus P. Kretschmann 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAPI
York, NY 10020
Richard I. Gilchrist 66 Canal Center Plaza, 7th Floor, President and Director of CAPI
Alexandria, VA 22314
Charles L. Menges McGuire Woods Battle & Boothe, LLP, One Secretary of CAPI
James Center, 901 East Cary Street,
Richmond, VA 23219-4030
Robert C. Larson Taubman Realty Group, 200 East Long Lake Chairman and Director of CAPI
Road, Suite 300, Bloomfield Hills, MI
48304-0200
</TABLE>
<PAGE> 26
<TABLE>
<S> <C> <C>
Gregory L. Weinberger 30 Rockefeller Plaza, 63rd Floor, New Director of CAPI
York, NY 10020
Adrianne M. Horne CT Corporation System, Corporation Trust Director of CAPI
Center, 1209 Orange Street, Wilmington,
DE 19801
Jeffrey I. Sofferman 66 Canal Center Plaza, 7th Floor, Vice President of CAPI
Alexandria, VA 22314
</TABLE>
<PAGE> 27
SCHEDULE 4
EXECUTIVE OFFICERS AND DIRECTORS OF CAL I
<TABLE>
<CAPTION>
NAME OF OFFICER OR DIRECTOR BUSINESS ADDRESS PRESENT OFFICE WITH COMPANY
- --------------------------- ---------------- ---------------------------
<S> <C> <C>
Matthew J. Lustig 30 Rockefeller Plaza, 63rd Floor, New Chairman and Director of CAL I
York, NY 10020
Mark S. Ticotin 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL I
York, NY 10020
John A. Moore 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL I
York, NY 10020
Christopher L. Keefer McGuire Woods Battle & Boothe, LLP, 8280 Assistant Secretary of CAL I
Greensboro Drive, Suite 900, Tysons
Corner, McLean, VA 022102-3892
Henry C. Herms 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL I
York, NY 10020
Brent W. Sinnett 600 East Main Street, Suite 2300, Chief Financial Officer of CAL I
Richmond, VA 23219
Klaus P. Kretschmann 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL I
York, NY 10020
Richard I. Gilchrist 66 Canal Center Plaza, 7th Floor, President and Director of CAL I
Alexandria, VA 22314
Charles L. Menges McGuire Woods Battle & Boothe, LLP, One Secretary of CAL I
James Center, 901 East Cary Street,
Richmond, VA 23219-4030
Adrianee M. Horne CT Corporation System, Corporation Trust Director of CAL I
Center, 1209 Orange Street, Wilmington,
DE 19801
Jeffrey I. Sofferman 66 Canal Center Plaza, 7th Floor, Vice President of CAL I
Alexandria, VA 22314
</TABLE>
<PAGE> 28
SCHEDULE 5
EXECUTIVE OFFICERS AND DIRECTORS OF CAL
<TABLE>
<CAPTION>
NAME OF OFFICER OR DIRECTOR BUSINESS ADDRESS PRESENT OFFICE WITH COMPANY
- --------------------------- ---------------- ---------------------------
<S> <C> <C>
Matthew J. Lustig 30 Rockefeller Plaza, 63rd Floor, New Chairman and Director of CAL
York, NY 10020
Mark S. Ticotin 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL
York, NY 10020
John A. Moore 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL
York, NY 10020
Christopher L. Keefer McGuire Woods Battle & Boothe, LLP, 8280 Assistant Secretary of CAL
Greensboro Drive, Suite 900, Tysons
Corner, McLean, VA 022102-3892
Henry C. Herms 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL
York, NY 10020
Brent W. Sinnett 600 East Main Street, Suite 2300, Chief Financial Officer of
Richmond, VA 23219 CAL
Klaus P. Kretschmann 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL
York, NY 10020
Richard I. Gilchrist 66 Canal Center Plaza, 7th Floor, President and Director of CAL
Alexandria, VA 22314
Charles L. Menges McGuire Woods Battle & Boothe, LLP, One Secretary of CAL
James Center, 901 East Cary Street,
Richmond, VA 23219-4030
Camilia M. Denny CT Corporation System, Corporation Trust Director of CAL
Center, 1209 Orange Street, Wilmington,
DE 19801
Jeffrey I. Sofferman 66 Canal Center Plaza, 7th Floor, Vice President of CAL
Alexandria, VA 22314
</TABLE>
<PAGE> 29
SCHEDULE 6
EXECUTIVE OFFICERS AND DIRECTORS OF CAL III
<TABLE>
<CAPTION>
NAME OF OFFICER OR DIRECTOR BUSINESS ADDRESS PRESENT OFFICE WITH COMPANY
- --------------------------- ---------------- ---------------------------
<S> <C> <C>
Matthew J. Lustig 30 Rockefeller Plaza, 63rd Floor, New Chairman and Director of CAL
York, NY 10020 III
Mark S. Ticotin 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL III
York, NY 10020
John A. Moore 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL III
York, NY 10020
Christopher L. Keefer McGuire Woods Battle & Boothe, LLP, 8280 Assistant Secretary of CAL III
Greensboro Drive, Suite 900, Tysons
Corner, McLean, VA 022102-3892
Henry C. Herms 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL III
York, NY 10020
Brent W. Sinnett 600 East Main Street, Suite 2300, Chief Financial Officer of CAL
Richmond, VA 23219 III
Klaus P. Kretschmann 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL III
York, NY 10020
Richard I. Gilchrist 66 Canal Center Plaza, 7th Floor, President and Director of CAL
Alexandria, VA 22314 III
Charles L. Menges McGuire Woods Battle & Boothe, LLP, One Secretary of CAL III
James Center, 901 East Cary Street,
Richmond, VA 23219-4030
Mary Ann Brzoska CT Corporation System, Corporation Trust Director of CAL III
Center, 1209 Orange Street, Wilmington,
DE 19801
Jeffrey I. Sofferman 66 Canal Center Plaza, 7th Floor, Vice President of CAL III
Alexandria, VA 22314
</TABLE>
<PAGE> 30
SCHEDULE 7
EXECUTIVE OFFICERS AND DIRECTORS OF CAL V
<TABLE>
<CAPTION>
NAME OF OFFICER OR DIRECTOR BUSINESS ADDRESS PRESENT OFFICE WITH COMPANY
- --------------------------- ---------------- ---------------------------
<S> <C> <C>
Matthew J. Lustig 30 Rockefeller Plaza, 63rd Floor, New Chairman and Director of CAL
York, NY 10020 V
Mark S. Ticotin 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL V
York, NY 10020
John A. Moore 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL V
York, NY 10020
Christopher L. Keefer McGuire Woods Battle & Boothe, LLP, 8280 Assistant Secretary of CAL V
Greensboro Drive, Suite 900, Tysons
Corner, McLean, VA 022102-3892
Henry C. Herms 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL V
York, NY 10020
Brent W. Sinnett 600 East Main Street, Suite 2300, Chief Financial Officer of
Richmond, VA 23219 CAL V
Klaus P. Kretschmann 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAL V
York, NY 10020
Richard I. Gilchrist 66 Canal Center Plaza, 7th Floor, President and Director of
Alexandria, VA 22314 CAL V
Charles L. Menges McGuire Woods Battle & Boothe, LLP, One Secretary of CAL V
James Center, 901 East Cary Street,
Richmond, VA 23219-4030
Bonnie A. Schuman CT Corporation System, Corporation Trust Director of CAL V
Center, 1209 Orange Street, Wilmington,
DE 19801
Jeffrey I. Sofferman 66 Canal Center Plaza, 7th Floor, Vice President of CAL V
Alexandria, VA 22314
</TABLE>
<PAGE> 31
SCHEDULE 8
EXECUTIVE OFFICERS AND DIRECTORS OF CADI
<TABLE>
<CAPTION>
NAME OF OFFICER OR DIRECTOR BUSINESS ADDRESS PRESENT OFFICE WITH COMPANY
- --------------------------- ---------------- ---------------------------
<S> <C> <C>
Matthew J. Lustig 30 Rockefeller Plaza, 63rd Floor, New Chairman and Director of
York, NY 10020 CADI
Mark S. Ticotin 30 Rockefeller Plaza, 63rd Floor, New Vice President of CADI
York, NY 10020
John A. Moore 30 Rockefeller Plaza, 63rd Floor, New Vice President of CADI
York, NY 10020
Christopher L. Keefer McGuire Woods Battle & Boothe, LLP, 8280 Assistant Secretary of CADI
Greensboro Drive, Suite 900, Tysons
Corner, McLean, VA 022102-3892
Henry C. Herms 30 Rockefeller Plaza, 63rd Floor, New Vice President of CADI
York, NY 10020
Brent W. Sinnett 600 East Main Street, Suite 2300, Chief Financial Officer of
Richmond, VA 23219 CADI
Klaus P. Kretschmann 30 Rockefeller Plaza, 63rd Floor, New Vice President of CADI
York, NY 10020
Richard I. Gilchrist 66 Canal Center Plaza, 7th Floor, President and Director of
Alexandria, VA 22314 CADI
Charles L. Menges McGuire Woods Battle & Boothe, LLP, One Secretary of CADI
James Center, 901 East Cary Street,
Richmond, VA 23219-4030
Mary Ann Brzoska CT Corporation System, Corporation Trust Director of CADI
Center, 1209 Orange Street, Wilmington,
DE 19801
Jeffrey I. Sofferman 66 Canal Center Plaza, 7th Floor, Vice President of CADI
Alexandria, VA 22314
</TABLE>
<PAGE> 32
SCHEDULE 9
EXECUTIVE OFFICERS AND DIRECTORS OF CAHI
<TABLE>
<CAPTION>
NAME OF OFFICER OR DIRECTOR BUSINESS ADDRESS PRESENT OFFICE WITH COMPANY
- --------------------------- ---------------- ---------------------------
<S> <C> <C>
Matthew J. Lustig 30 Rockefeller Plaza, 63rd Floor, New Chairman and Director of
York, NY 10020 CAHI
Mark S. Ticotin 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAHI
York, NY 10020
John A. Moore 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAHI
York, NY 10020
Christopher L. Keefer McGuire Woods Battle & Boothe, LLP, 8280 Assistant Secretary of CAHI
Greensboro Drive, Suite 900, Tysons
Corner, McLean, VA 022102-3892
Henry C. Herms 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAHI
York, NY 10020
Brent W. Sinnett 600 East Main Street, Suite 2300, Chief Financial Officer of
Richmond, VA 23219 CAHI
Klaus P. Kretschmann 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAHI
York, NY 10020
Richard I. Gilchrist 66 Canal Center Plaza, 7th Floor, President and Director of
Alexandria, VA 22314 CAHI
Charles L. Menges McGuire Woods Battle & Boothe, LLP, One Secretary of CAHI
James Center, 901 East Cary Street,
Richmond, VA 23219-4030
Bonnie A. Schuman CT Corporation System, Corporation Trust Director of CAHI
Center, 1209 Orange Street, Wilmington,
DE 19801
Jeffrey I. Sofferman 66 Canal Center Plaza, 7th Floor, Vice President of CAHI
Alexandria, VA 22314
</TABLE>
<PAGE> 33
SCHEDULE 10
EXECUTIVE OFFICERS AND DIRECTORS OF CAOP
<TABLE>
<CAPTION>
NAME OF OFFICER OR DIRECTOR BUSINESS ADDRESS PRESENT OFFICE WITH COMPANY
- --------------------------- ---------------- ---------------------------
<S> <C> <C>
Matthew J. Lustig 30 Rockefeller Plaza, 63rd Floor, New Chairman and Director of CAOP
York, NY 10020
Mark S. Ticotin 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAOP
York, NY 10020
John A. Moore 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAOP
York, NY 10020
Christopher L. Keefer McGuire Woods Battle & Boothe, LLP, 8280 Assistant Secretary of CAOP
Greensboro Drive, Suite 900, Tysons
Corner, McLean, VA 022102-3892
Henry C. Herms 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAOP
York, NY 10020
Brent W. Sinnett 600 East Main Street, Suite 2300, Chief Financial Officer of
Richmond, VA 23219 CAOP
Klaus P. Kretschmann 30 Rockefeller Plaza, 63rd Floor, New Vice President of CAOP
York, NY 10020
Richard I. Gilchrist 66 Canal Center Plaza, 7th Floor, President and Director of
Alexandria, VA 22314 CAOP
Charles L. Menges McGuire Woods Battle & Boothe, LLP, One Secretary of CAOP
James Center, 901 East Cary Street,
Richmond, VA 23219-4030
William J. Reif CT Corporation System, Corporation Trust Director of CAOP
Center, 1209 Orange Street, Wilmington,
DE 19801
Jeffrey I. Sofferman 66 Canal Center Plaza, 7th Floor, Vice President of CAOP
Alexandria, VA 22314
</TABLE>
<PAGE> 34
SCHEDULE 11
EXECUTIVE OFFICERS AND DIRECTORS OF RLC
<TABLE>
<CAPTION>
NAME OF OFFICER OR DIRECTOR BUSINESS ADDRESS PRESENT OFFICE WITH COMPANY
- --------------------------- ---------------- ---------------------------
<S> <C> <C>
Matthew J. Lustig 30 Rockefeller Plaza, 63rd Floor, New Chairman and Director of RLC
York, NY 10020
Mark S. Ticotin 30 Rockefeller Plaza, 63rd Floor, New Vice President of RLC
York, NY 10020
John A. Moore 30 Rockefeller Plaza, 63rd Floor, New Vice President of RLC
York, NY 10020
Christopher L. Keefer McGuire Woods Battle & Boothe, LLP, 8280 Assistant Secretary of RLC
Greensboro Drive, Suite 900, Tysons
Corner, McLean, VA 022102-3892
Henry C. Herms 30 Rockefeller Plaza, 63rd Floor, New Vice President of RLC
York, NY 10020
Brent W. Sinnett 600 East Main Street, Suite 2300, Chief Financial Officer of
Richmond, VA 23219 RLC
Klaus P. Kretschmann 30 Rockefeller Plaza, 63rd Floor, New Vice President of RLC
York, NY 10020
Richard I. Gilchrist 66 Canal Center Plaza, 7th Floor, President and Director of
Alexandria, VA 22314 RLC
Charles L. Menges McGuire Woods Battle & Boothe, LLP, One Secretary of RLC
James Center, 901 East Cary Street,
Richmond, VA 23219-4030
William J. Reif CT Corporation System, Corporation Trust Director of RLC
Center, 1209 Orange Street, Wilmington,
DE 19801
Jeffrey I. Sofferman 66 Canal Center Plaza, 7th Floor, Vice President of RLC
Alexandria, VA 22314
</TABLE>
<PAGE> 1
EXHIBIT 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) promulgated under the Securities
Exchange Act of 1934, as amended, the undersigned hereby agree to the joint
filing with all other Reporting Persons (as such term is defined in the Schedule
13D referred to below) on behalf of each of them of a statement on Schedule 13D
(including amendments thereto) with respect to the common shares of beneficial
interest, par value $.01 per share, of Brandywine Realty Trust, a Maryland real
estate investment trust, and that this Agreement may be included as an Exhibit
to such joint filing. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of
the 10th day of August 1999.
PROMETHEUS AAPT HOLDINGS, L.L.C.
By: LF Strategic Realty Investors L.P.,
its sole member
By: Lazard Freres Real Estate Investors L.L.C.,
its general partner
By: /s/ John A. Moore
----------------------------------------------
Name: John A. Moore
Title: Principal and Chief Financial Officer of LFREI
LF STRATEGIC REALTY INVESTORS L.P.
By: Lazard Freres Real Estate Investors L.L.C.,
its general partner
By: /s/ John A. Moore
----------------------------------------------
Name: John A. Moore
Title: Principal and Chief Financial Officer of LFREI
<PAGE> 2
LAZARD FRERES REAL ESTATE INVESTORS L.L.C.
By: /s/ John A. Moore
-------------------------------------------
Name: John A. Moore
Title: Principal and Chief Financial Officer of LFREI
COMMONWEALTH ATLANTIC OPERATING PROPERTIES INC.
By: /s/ John A. Moore
-------------------------------------------
Name: John A. Moore
Title: Vice President
COMMONWEALTH ATLANTIC LAND II INC.
By: /s/ John A. Moore
-------------------------------------------
Name: John A. Moore
Title: Vice President
COMMONWEALTH ATLANTIC DEVELOPMENT INC.
By: /s/ John A. Moore
-------------------------------------------
Name: John A. Moore
Title: Vice President
<PAGE> 3
COMMONWEALTH ATLANTIC PROPERTIES INVESTORS TRUST
By: /s/ John A. Moore
-------------------------------------------
Name: John A. Moore
Title: Vice President, Chief Financial Officer and
Trustee
COMMONWEALTH ATLANTIC PROPERTIES INC.
By: /s/ John A. Moore
-------------------------------------------
Name: John A. Moore
Title: Vice President
COMMONWEALTH ATLANTIC LAND III INC.
By: /s/ John A. Moore
-------------------------------------------
Name: John A. Moore
Title: Vice President
COMMONWEALTH ATLANTIC LAND V INC.
By: /s/ John A. Moore
-------------------------------------------
Name: John A. Moore
Title: Vice President
<PAGE> 4
COMMONWEALTH ATLANTIC HOLDING I INC.
By: /s/ John A. Moore
-------------------------------------------
Name: John A. Moore
Title: Vice President
RICHMOND LAND CORPORATION
By: /s/ John A. Moore
-------------------------------------------
Name: John A. Moore
Title: Vice President
COMMONWEALTH ATLANTIC LAND I INC.
By: /s/ John A. Moore
-------------------------------------------
Name: John A. Moore
Title: Vice President
<PAGE> 1
BRANDYWINE REALTY TRUST
16 CAMPUS BOULEVARD
NEWTOWN SQUARE, PA 19073
September 28, 1998
LF Strategic Realty Investors, L.P.
30 Rockefeller Plaza, 63rd Floor
New York, NY 10020
Ladies and Gentlemen:
Reference is made to the Purchase and Contribution Agreement dated as of
August 6, 1998 by and among Brandywine Realty Trust (the "Trust"), Brandywine
Operating Partnership, L.P. (the "Operating Partnership"), LF Strategic Realty
Investors L.P., Prometheus AAPT and the other signatories thereto (the "Purchase
Agreement"). Unless otherwise defined herein, capitalized terms not defined
herein shall have the meanings ascribed to them in the Purchase Agreement.
1. Initial Appointment: Designation Right. On the date hereof, and in
recognition of the benefits realized by the Trust from the sale of certain
assets owned by LF Strategic Realty Investors, L.P. ("LFSRI"), and in accordance
with Sections 2.1 and 2.4 of the Declaration of Trust (the "Declaration") of the
Trust, the Board of Trustees (the "Board") has increased the number of Trustees
of the Trust from five to six and appointed Murry Gunty to fill the vacancy
created by such increase. In further recognition of such benefits, the Trust
agrees to use commercially reasonable efforts, during the Term and subject to
compliance with applicable law and the Declaration, to cause Murry Gunty (or
such replacement for Murry Gunty as LFSRI may select and who is reasonably
acceptable to the Board) to be nominated for election to the Board at each
annual meeting of shareholders of the Trust and, if elected, to serve until the
next annual meeting of shareholders of the Trust and until his or her successor
is elected and qualified. The Trust's agreement contained herein shall terminate
upon expiration of the Term. Upon expiration of the Term, the holders of a
majority of the Board may, in their discretion, request such designee to resign
from the Board.
2. The Designee. The Trust acknowledges that each of Murry Gunty and
Klaus Kretschmann is reasonably acceptable to the Board. LFSRI acknowledges that
the Board shall be acting reasonably if (i) it refuses to nominate a person for
election to the Board pursuant to paragraph 1 above if the Trust would be
required to make any of the disclosures required by Item 401(f) of Regulation
S-K promulgated by the Securities and Exchange Commission (the "SEC") with
respect to such person in filings with the SEC or (ii) if the Designee shall
also be serving as a director or trustee or an executive of a competitor of the
Trust and the Board believes that such person's membership on the Board would
pose a threat to the Trust's interest;
<PAGE> 2
provided, however, that in the event that any LFSRI designee to the Board is
deemed unacceptable pursuant to the provisions of this paragraph 2, LFSRI shall
have the right to propose a replacement for such designee.
3. Attendance Right. If for any reason LFSRI's acceptable designee to the
Board is not elected to the Board during the Term, LFSRI have the right, during
the Term, to have an individual attend, in a non-voting capacity, all meetings
of the Board. Such individual shall be entitled to receive the same notice with
respect to all meetings of the Board as is provided to voting members of the
Board and shall hold all information obtained in connection with such notices
and meetings in confidence to the same extent as if such individual was a voting
member of the Board.
4. Definitions. The following terms have the meanings specified:
a. "Affiliate" shall have the meaning specified in Rule 405
promulgated under the Securities Act of 1933, as amended.
b. "Change in Control" shall mean (i) approval by shareholders of the
Trust of: (A) a merger, reorganization or consolidation involving the Trust if
the shareholders of the Trust immediately before such merger, reorganization or
consolidation do not or will not own directly or indirectly immediately
following such merger, reorganization or consolidation, more than fifty percent
(50%) of the combined voting power of the outstanding voting securities of the
Trust resulting from or surviving such merger, reorganization or consolidation
in substantially the same proportion as their ownership of the Voting Securities
outstanding immediately before such merger, reorganization or consolidation; or
(B) a complete liquidation or dissolution of the Trust; or (C) an agreement for
the sale or other disposition of all or substantially all of the assets of the
Trust; or (ii) acceptance by shareholders of the Trust of shares in a share
exchange if the shareholders of the Trust immediately before such share exchange
do not or will not own directly or indirectly immediately following such share
exchange more than fifty percent (50%) of the combined voting power of the
outstanding voting securities of the entity resulting from or surviving such
share exchange in substantially the same proportion as their ownership of the
Voting Securities outstanding immediately before such share exchange.
c. "Common Share" shall mean a common share of beneficial interest,
par value $.01 per share, of the Trust.
d. "Conversion Price" shall have the meaning specified in, and shall
be subject to adjustment as and to the extent provided in, the amendment to the
Amended and Restated Agreement of Limited Partnership of the Partnership
establishing the designation, preferences and other rights of the Series B
Preferred Units.
e. "Designee" means Murry Gunty or such replacement to Murry Gunty
who is serving on the Board pursuant the agreement contained in this letter.
-2-
<PAGE> 3
f. "Term" shall mean the period of time commencing on the date hereof and
ending on the earliest to occur of the following: (i) the date that LFSRI ceases
to own, directly or indirectly, any combination of (a) the Series A Preferred
Shares issued on the date hereof, (b) the Common Shares issued on redemption or
conversion of such Series A Preferred Shares, (c) the Series B Preferred Units
issued on the date hereof, (d) the Class A Common Units issued on redemption or
conversion of such Series B Preferred Units and (e) the Common Shares issued on
redemption of such Class A Common Units having an aggregate Value at least equal
to 60% of the aggregate Value of the Series A Preferred Shares and the Series B
Preferred Units issued on the date hereof and (ii) the occurrence of a Change in
Control.
g. "Value" shall be calculated by attributing (i) $50 to each Series A
Preferred Share and to each Series B Preferred Unit and (ii) an amount equal to
the then current Conversion Price of the Series B Preferred Units to each Common
Share issued upon redemption or conversion of a Series A Preferred Share, to
each Class A Unit issued on redemption or conversion of a Series B Preferred
Unit and to each Common Share issued upon redemption of a Class A Unit (such
Series A Preferred Shares, Series B Preferred Units, Class A Units and Common
Shares are collectively referred to herein as the "Securities").
Very truly yours,
BRANDYWINE REALTY TRUST
By: /s/ Gerard H. Sweeny
-------------------------------------
Gerard H. Sweeny
President and Chief Executive Officer
Agreed and accepted this
25th day of September, 1998 by:
LF STRATEGIC REALTY INVESTORS, L.P.
By: LAZARD FRERES REAL ESTATE INVESTORS, L.L.C.,
its general partner
By: /s/ Murry N. Gunty
-----------------------
Name: Murry N. Gunty
Title: Principal
-3-
