<SUBMISSION>
<ACCESSION-NUMBER>0001125282-06-006325
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20061016
<ITEMS>2.03
<ITEMS>3.02
<FILING-DATE>20061017
<DATE-OF-FILING-DATE-CHANGE>20061017
<FILER>
<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>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-09106
<FILM-NUMBER>061148329
</FILING-VALUES>
<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>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>b415276_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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Prepared and filed by St Ives Financial
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<p align="center"><font size="2" face="serif"><b><font face="serif" size="4">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br></font></b>Washington, D.C. 20549</font></p>
<p align="center"><font size="2" face="serif"><b><font face="serif" size="5">FORM 8-K<br></font>
<font face="serif" size="4">CURRENT REPORT</font></b></font></p>
<p align="center"><font size="2" face="serif"><b>Pursuant to Section 13 or 15(d)<br>of the Securities Exchange Act of 1934</b></font></p>
<p align="center"><font face="serif" size="3">Date of Report (Date of earliest event reported): October 16, 2006</font></p>
<p align="center"><b><u><font face="serif" size="4">Brandywine Realty Trust<br></font></u></b>(Exact name of Registrant as specified in charter)</p>  <table width="100%" cellspacing="0" cellpadding="0" border="0">
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<td align="center" width="33%"><font size="2" face="serif"><b>Maryland<br></b>(State or Other Jurisdiction<br>of Incorporation)</font></td>
<td align="center" width="33%"><font size="2" face="serif"><b>1-9106<br></b>(Commission<br> file<br> number)</font></td>
<td width="33%" align="center"><font size="2" face="serif"><b>23-2413352<br></b>(I.R.S. Employer<br> Identification <br>Number)</font></td>
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<p align="center"><font size="2" face="serif"><b>555 East Lancaster Avenue, Suite 100<br>Radnor, Pennsylvania 19087<br></b>(Address of principal executive offices)</font></p>
<p align="center"><font size="2" face="serif"><b>(610) 325-5600</b></font><br>
<font size="2" face="serif">(Registrant&#8217;s telephone number, including area code)</font></p>
<p align="left"><font size="2" face="serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></p>
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<td width="3%"><font size="2" face="serif">[&nbsp;&nbsp;  ]</font></td>
<td align="left">
<font size="2" face="serif"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td>
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<td width="3%"><font size="2" face="serif">[&nbsp;&nbsp;  ]</font></td>
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<font size="2" face="serif"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td>
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<td width="3%"><font size="2" face="serif">[&nbsp;&nbsp;  ]</font></td>
<td align="left">
<font size="2" face="serif"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td>
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<td width="3%"><font size="2" face="serif">[&nbsp;&nbsp;  ]</font></td>
<td align="left">
<font size="2" face="serif"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td>
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<p align="left"><font size="2" face="serif"><b>Item&nbsp;2.03. Creation of a Direct Financial Obligation. </b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September 28, 2006, Brandywine Realty Trust, a Maryland real estate investment trust (the &#8220;Company&#8221;), and its operating partnership subsidiary, Brandywine Operating Partnership, L.P., a Delaware limited operating partnership (the &#8220;Operating Partnership&#8221;), entered into a Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with Merrill Lynch &amp; Co., Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, Bear, Stearns &amp; Co. Inc. and Lehman Brothers Inc. (the &#8220;Initial Purchasers&#8221;) providing for the sale by the Operating Partnership and the purchase by the Initial Purchasers of $300&nbsp;million aggregate principal amount of 3.875%
Exchangeable Guaranteed Notes due 2026 (the &#8220;Notes&#8221;).  The Purchase Agreement also granted the Initial Purchasers an option to purchase up to $45&nbsp;million aggregate principal amount of the Notes to cover over-allotments, if any.  The Company has fully and unconditionally guaranteed payment of principal of and interest on the Notes.  The closing of the sale of the $300 million aggregate principal amount of the Notes occurred on October 4, 2006.</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
    October 16, 2006, the Operating Partnership issued an additional $45 million
    aggregate principal amount of Notes in connection with the exercise in full
    of the Initial Purchasers&#8217; over-allotment option.  As a result of the
    issuance of Notes pursuant to the Initial Purchasers&#8217; over-allotment
    option, there is a total of $345 million aggregate principal amount of the
    Notes
    issued and outstanding. The Operating Partnership will invest the net proceeds
    of the sale of the additional $45 million aggregate principal amount of the
    Notes, which, after deducting the Initial Purchasers&#8217; discount and
    estimated operating expenses, are estimated to be approximately $44.1 million,
    in government or other short-term, rated
securities pending the Operating Partnership&#8217;s intended redemption of its
$300 million Floating Rate Guaranteed Notes due 2009 on January 2, 2007. The
Operating Partnership issued the Floating Rate Notes on March 28, 2006.</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information set forth in Items 1.01 and 2.03 of the Current Reports on Form 8-K filed by each of the Company and the Operating Partnership on October 4, 2006 (the &#8220;Form 8-Ks&#8221;),
    including additional information pertaining to the Notes, is incorporated
    herein
by reference.</font></p>
<p align="left"><font size="2" face="serif"><b>Item&nbsp;3.02 Unregistered Sales of Equity Securities. </b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
    October 16, 2006, the Operating Partnership issued an additional $45 million
    aggregate principal amount of Notes in connection with the exercise in full
    of the Initial Purchasers&#8217; over-allotment option.  The net proceeds
    of the sale of the additional $45 million aggregate principal amount of the
    Notes,
    after deducting the Initial Purchasers&#8217; discount and estimated offering
    expenses of $50,000, are estimated to be approximately $44.1 million.</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
information pertaining to the Notes is contained in Item&nbsp;2.03 of this report and in Items 1.01 and 2.03 of the Form 8-Ks and is incorporated herein by reference. </font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company offered and sold the Notes to the Initial Purchasers in reliance on the exemption from registration provided by Section&nbsp;4(2) of the Securities Act. The Initial Purchasers then sold the Notes to qualified institutional buyers pursuant to the exemption from registration provided by Rule&nbsp;144A under the Securities Act. The Company relied on these exemptions from registration based in part on representations made by the Initial Purchasers in the Purchase Agreement. </font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    Notes and the underlying common shares of beneficial interest, par value
    $0.01 per share, of the Company issuable upon exchange of the Notes have
    not been registered under the Securities Act and
    may not
    be
    offered
    or sold in the United States absent registration or an applicable exemption
    from registration requirements. This Current Report on Form 8-K does not
    constitute an offer to sell, or a solicitation of an offer to buy, any security
    and shall not constitute an offer, solicitation or sale in any jurisdiction
    in which such offering would be unlawful. </font></p>
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<p align="center"><font size="2" face="serif"><b>Signatures</b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.</font></p>
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<td width="50%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">B<font size="1">RANDYWINE</font> R<font size="1">EALTY</font> T<font size="1">RUST</font></font></td>
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  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
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  <td><font size="2" face="serif">Date: October 17, 2006</font></td>
  <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Gerard H. Sweeney&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
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  <td>&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gerard H. Sweeney</font></td>
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  <td>&nbsp;</td>
  <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive
    Officer</font></td>
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</SUBMISSION>
