<SUBMISSION>
<ACCESSION-NUMBER>0000950142-03-002565
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20031230
<FILING-DATE>20031230
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>ROTHSCHILD REALTY INVESTORS III LLC
<CIK>0001238193
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-09106
<FILM-NUMBER>031077456
</FILING-VALUES>
<MAIL-ADDRESS>
<STREET1>1251 AVENUE OF THE AMERICAS
<CITY>NEW YORK
<STATE>NY
<ZIP>10020
</MAIL-ADDRESS>
</REPORTING-OWNER>
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>BRANDYWINE REALTY TRUST
<CIK>0000790816
<ASSIGNED-SIC>6798
<IRS-NUMBER>232413352
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>14 CAMPUS BLVD
<STREET2>STE 100
<CITY>NEWTOWN SQUARE
<STATE>PA
<ZIP>19073
<PHONE>6103255600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>TWO GREENTREE CENTRE
<STREET2>SUITE 100
<CITY>MARLTON
<STATE>NJ
<ZIP>08053
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>LINPRO SPECIFIED PROPERTIES
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</ISSUER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-rothrealinv_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-12-30</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000790816</issuerCik>
        <issuerName>BRANDYWINE REALTY TRUST</issuerName>
        <issuerTradingSymbol>BND</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001238193</rptOwnerCik>
            <rptOwnerName>ROTHSCHILD REALTY INVESTORS III LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1251 AVENUE OF THE AMERICAS</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Brandywine Realty Trust Common Shares</value>
            <footnoteId id="F1"/>
      </securityTitle>
      <transactionDate>
         <value>2003-12-30</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>C</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1093750</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1343750</value>
            <footnoteId id="F2"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>See Footnote 3</value>
            <footnoteId id="F3"/>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>8.75% Series B Sr. Cumulative Conv. Pref. Shares</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>0</value>
            <footnoteId id="F4"/>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-12-30</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>C</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1093750</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F4"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F4"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Shares</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>1093750</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>0</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
           <value>See Footnote 3</value>
            <footnoteId id="F3"/>
         </natureOfOwnership>
      </ownershipNature>
   </derivativeTransaction>
   <derivativeTransaction>
      <securityTitle>
         <value>Preferred Shares</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>0</value>
            <footnoteId id="F4"/>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-12-30</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>3281750</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>27.50</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F4"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F4"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Preferred Shares</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>3281750</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>0</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
           <value>See Footnote 3</value>
            <footnoteId id="F3"/>
         </natureOfOwnership>
      </ownershipNature>
   </derivativeTransaction>
   <derivativeTransaction>
      <securityTitle>
         <value>Warrant</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>24.00</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-12-30</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>250000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>4.75</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F4"/>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F4"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Warrant</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>250000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>250000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
           <value>See Footnote 3</value>
            <footnoteId id="F3"/>
         </natureOfOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> $.01 par value per share (&quot;Common Share&quot;)</footnote>

      <footnote id="F2"> Includes 250,000 Common Shares underlying a seven year warrant that was previously reported.</footnote>

      <footnote id="F3"> The Reporting Person is the sole managing member of Five Arrows Realty Securities III L.L.C., which was the direct owner of 8.75% Series B Senior Cumulative Convertible Preferred Shares of the Issuer.</footnote>

      <footnote id="F4"> Each share of 8.75% Series B Senior Cumulative Convertible Preferred Shares is convertible at any time into one Common Share of the Issuer.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/ Matthew W. Kaplan, Manager o/b/o/ Rothschild Realty Investors III L.L.C.</signatureName>
      <signatureDate>2003-12-30</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
