<SEC-DOCUMENT>0000950123-11-058128.txt : 20111103
<SEC-HEADER>0000950123-11-058128.hdr.sgml : 20111103
<ACCEPTANCE-DATETIME>20110610091312
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-11-058128
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110610

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRANDYWINE REALTY TRUST
		CENTRAL INDEX KEY:			0000790816
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232413352
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		555 EAST LANCASTER AVE.
		STREET 2:		SUITE 100
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		6103255600

	MAIL ADDRESS:	
		STREET 1:		555 EAST LANCASTER AVE.
		STREET 2:		SUITE 100
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LINPRO SPECIFIED PROPERTIES
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRANDYWINE OPERATING PARTNERSHIP, L.P.
		CENTRAL INDEX KEY:			0001060386
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232862640
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O BRANDYWINE REALTY TRUST
		STREET 2:		555 E. LANCASTER AVENUE, SUITE 100
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		6103255600

	MAIL ADDRESS:	
		STREET 1:		C/O BRANDYWINE REALTY TRUST
		STREET 2:		555 E. LANCASTER AVENUE, SUITE 100
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRANDYWINE OPERATING PARTNERSHIP LP /PA
		DATE OF NAME CHANGE:	19980428
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Correspondence</TITLE>
</HEAD>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">June&nbsp;10, 2011
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">VIA EDGAR AND FEDERAL EXPRESS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
Division of Corporate Finance<BR>
100 F Street N.E.<BR>
Washington, D.C. 20549<BR>
Attention: Cicely LaMothe<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark Rakip

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brandywine Realty Trust</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;10-K for the year ended December&nbsp;31, 2010</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed February&nbsp;25, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">File No.&nbsp;1-09106</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brandywine Operating Partnership, L.P.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;10-K for the year ended December&nbsp;31, 2010</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed February&nbsp;25, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">File No.&nbsp;0-24407</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Dear Ms.&nbsp;LaMothe and Mr.&nbsp;Rakip:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We have received your May&nbsp;26, 2011 letter and appreciate your comments with respect to our filings.
We understand that the purpose of your review of the above referenced filings is to assist us in
our compliance with applicable disclosure requirements and to enhance the overall disclosures in
our filings. Listed below are your comments and our responses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Form&nbsp;10-K for the year ended December&nbsp;31, 2010</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Item&nbsp;1. Business</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>2010 Transactions</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Real Estate Acquisitions/Dispositions, page 8</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>In future Exchange Act periodic reports, please include disclosure on weighted average
capitalization rates for acquisitions and dispositions of properties during the reporting
period, including a clear description of how you calculated disclosed capitalization rates.</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
June&nbsp;10, 2011<BR>
Page 2

</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">We do not believe that GAAP or Regulation&nbsp;S-K requires disclosure of weighted average
capitalization rates for acquisitions and dispositions, unless such information is material
or would enhance investors&#146; understanding of our performance. Accordingly, we will include
disclosure of weighted average capitalization rates (including definitions of, and
explanations for, the rates provided) in future Exchange Act reports if and to the extent
such information is material or would otherwise enhance investors&#146; understanding of our
performance. If any such disclosure includes non-GAAP financial measures, then our
presentation will be made in compliance with Item 10(e) of Regulation&nbsp;S-K.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Item&nbsp;2. Properties</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Properties, page 28</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Based on your footnote disclosure, it does not appear that the average annualized base rent
per square foot disclosure accounts for concessions, abatements, and reimbursements. In
future Exchange Act periodic reports, please revise to quantify the effective rent after
subtracting the adjustments from contractual rents.</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">You have correctly noted that the amounts we present under the column captioned &#147;Average
Annualized Rental Rate as of December&nbsp;31, 2010&#148; do not take into account concessions or
abatements; however, the amounts related to triple net leases include tenant reimbursements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">As we disclose in note (c)&nbsp;on page 34, the adjustments that we do make in presenting amounts
under the column captioned &#147;Average Annualized Rental Rate as of December&nbsp;31, 2010&#148; seek to
harmonize the difference between leases that we write on a &#147;full service&#148; basis and leases
that we write on a &#147;triple net&#148; basis. The base rents payable by tenants under our full
service leases entitle the tenants to a range of services without a separate reimbursement
obligation to us. In contrast, tenants under our triple net leases must, in addition to
their base rents, make expense reimbursement payments to us. Because we write more full
service leases than triple net leases, we adjust the effective rental rates for triple net
leases to include a pro rata portion of annual budgeted operating expenses.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">We are not aware of a requirement to present the average annualized base rent per square
foot disclosure after concessions or abatements. As also disclosed in note (c)&nbsp;on page 34,
amounts presented under the column captioned &#147;Average Annualized Rental Rate as of December
31, 2010&#148; reflect the rental rates being paid by our tenants at December&nbsp;31, 2010 and,
because this data reflects effective rents that our tenants are paying at December&nbsp;31, 2010,
we expressly do not adjust the amounts to reflect concessions and abatements. In light of
your comment, however, in future Exchange Act periodic reports including this disclosure, we
will revise note (c)&nbsp;on page 34 of our
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
June&nbsp;10, 2011<BR>
Page 3

</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">Form&nbsp;10-K to clarify the manner in which average annualized base rent per square foot is
calculated as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">&#147;Average Annualized Rental Rate is calculated by taking: (i)&nbsp;for office leases executed as
of December&nbsp;31, 2010 and written on a triple net basis, the sum of the annualized base rent
utilizing contractual rental rates payable as of December&nbsp;31, 2010 exclusive of concessions
and abatements plus the prorata 2010 budgeted operating expense reimbursements excluding
tenant electricity and (ii)&nbsp;for office leases executed as of December&nbsp;31, 2010 and written
on a full service basis, the annualized base rent utilizing contractual rental rates payable
as of December&nbsp;31, 2010 exclusive of concessions and abatements, and dividing the sum of
such amounts by the total square footage occupied as of December&nbsp;31, 2010.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,
page 42</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Overview, page 42</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>We note you have not included disclosure regarding your FFO. Please advise us whether you
consider FFO a key performance indicator. We may have further comment.</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">In our quarterly MD&#038;A, we seek to satisfy three principal objectives:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">to provide a narrative explanation of our financial statements that enables
investors to see us through the eyes of our management;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">to enhance our overall financial disclosure and provide the context within which
financial information in our filings should be analyzed; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">to provide information about the quality of, and potential variability of, our
earnings and cash flow, so that investors can ascertain the likelihood that our
past performance is indicative of future performance.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">Historically, we have not included funds from operations, or FFO, in our MD&#038;A or, more
generally, in our Exchange Act periodic reports. Rather, our public disclosures of FFO have
primarily been through our quarterly earnings press releases that we furnish under Item&nbsp;2.02
of Form 8-K, together with (i)&nbsp;a reconciliation of FFO to net income, the GAAP measure that
we believe to be the most directly comparable financial measure and (ii)&nbsp;disclosure of how
we compute FFO and why we believe that the presentation of FFO provides useful information
to investors regarding our financial condition and results of operations. We have also
included FFO, together with the foregoing reconciliation and disclosure, in our quarterly
Supplemental
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
June&nbsp;10, 2011<BR>
Page 4

</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">Investor Packages that we identify in our earnings press releases and post under the
&#147;Investors Relations&#148; section of our website.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">We believe that our disclosure practices achieve our three principal objectives identified
above. We also recognize the Commission&#146;s emphasis that companies should identify and
discuss key performance indicators that their management uses to manage their businesses and
that would be material to investors. In this regard, our management generally considers FFO
to be a useful measure for reviewing our comparative operating and financial performance
because, by excluding gains and losses related to sales of previously depreciated operating
real estate assets and excluding real estate asset depreciation and amortization (which can
vary among owners of identical assets in similar condition based on historical cost
accounting and useful life estimates), FFO can assist investors in comparing the operating
performance of a company&#146;s real estate between periods or as compared to different
companies.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">In preparing future filings of Exchange Act periodic reports, we will include FFO as part of
our MD&#038;A (coupled with the information required by, and presented in a manner consistent
with, Item 10(e) of Regulation&nbsp;S-K).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Factors that May Influence Future Results of Operations</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Financial and Operating Performance, page 43</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>We note your discussion under this subheading regarding risks to your ongoing operations
resulting from tenant lease expirations/non-renewals. In future Exchange Act periodic
reports, please expand your disclosure in this section, as well as the narrative accompanying
your table disclosure of lease expirations beginning on page 35, to discuss the relationship
between market/current asking rents and leases expected to expire in the next period, as well
as the relationship between rents on leases that expired in the current reporting period and
rents executed on renewals or new leases.</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">We will include such information in future filings if we conclude that it is material to the
respective period or would otherwise enhance investor understanding of our performance and
financial statements. In addition, we will include such information if and to the extent it
enhances our disclosure of known trends or uncertainties that have had or that we expect
will have a material impact on our revenues or income.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
June&nbsp;10, 2011<BR>
Page 5

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Critical Accounting Policies and Estimates, page 44</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Revenue Recognition</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>You disclose to the extent the tenant funds improvements that you consider to be landlord
assets you treat them as deferred revenue and amortize those amounts to revenue over the lease
term. Please tell us your basis in GAAP for your accounting treatment.</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">Our basis in GAAP for this accounting treatment comes from ASC 840-10-25-5, which defines
minimum lease payments as &#147;the payments that the lessee is obligated to make or can be
required to make in connection with the leased property.&#148; A requirement for the lessee to
fund capital expenditures during the term of the lease may be a form of minimum lease
payment if all of the following conditions are met:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The lease contains a requirement that the lessee fund capital expenditures</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The lessee has little or no discretion to avoid the capital expenditure</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The unavoidable capital expenditure is probable and reasonably estimable</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The value of the capital improvements will accrue to the lessor at the end of
the lease, meaning that the asset is not specific to just the tenant funding the
improvement but can reasonably be expected to benefit future tenants.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Results of Operations, page 49</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Comparison of the Year Ended December&nbsp;31, 2010 to the Year Ended December&nbsp;31, 2009, page 49</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>In future Exchange Act periodic reports, please revise your introductory narrative in this
section to explain in greater detail how you determine the properties that fall within the
&#147;same store&#148; pool, including also a discussion of any properties that were excluded from the
pool that were owned in all periods compared.</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">We confirm that in our future filings, we will modify the disclosure to include the
additional information requested.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
June&nbsp;10, 2011<BR>
Page 6

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>We note that as of December&nbsp;31, 2010, you manage your portfolio within seven reportable
segments. Please tell us why the discussion of your results of operations does not address
the performance of your segments given that is how you manage your portfolio. Refer to SEC
Interpretive Release No.&nbsp;33-8350.</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">While we manage our portfolio in seven reportable segments and include such information in
accordance with GAAP in our footnote disclosures, we look to the guidance in SEC
Interpretive Release No.&nbsp;33-8350 in preparing an MD&#038;A that affords investors and other
readers of our financial statements an understanding of our financial condition, changes in
our financial condition and results of operations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">The Interpretive Release emphasizes that &#147;within the universe of material information,
companies should present their disclosure so that the most important information is most
prominent.&#148; We believe that presentation of our consolidated financial information, without
a breakdown by segment, generally most effectively presents important information. We
believe that our concentration on same store results of operations, and the impact on our
overall results of operations attributable to acquisitions, dispositions and developments
and redevelopments, provide investors with a clear understanding of our company as a whole
and key drivers of period-to-period changes in our performance. For example, we highlight
changes in key components of revenues and expenses, and the impact of these changes on our
same store portfolio to enhance the ability of users of our financial information to
ascertain the key drivers of changes in our overall performance. We believe that a general
provision of such information on a regional basis would increase the time users would spend
evaluating items that may be immaterial to our company as a whole.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">The Interpretive Release states that &#147;companies should avoid unnecessary duplicative
disclosure that can tend to overwhelm readers and act as an obstacle to identifying and
understanding material matters.&#148; Our seven reportable segments primarily own and manage
office properties, and, as such we believe that an MD&#038;A presentation focused primarily at
the Parent Company level (coupled, as applicable, with discussion of regional or property
level information) results in a clear picture of our results of operations.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">In the MD&#038;A in our future Exchange Act filings, we will include a cross-reference to the
segment information in the notes to our financial statements. As part of this
cross-reference, and in recognition of the presentation of &#147;net operating income&#148; by segment
in the notes to our financial statements, we will include an explanation of net operating
income and segment net operating income and, in compliance with Item 10(e) of Regulation
S-K, why we believe net operating income provides useful information to investors as a
performance measure.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
June&nbsp;10, 2011<BR>
Page 7

</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">We believe the foregoing approach is consistent with, and furthers the objectives of, the
regulatory framework for addressing segments within the MD&#038;A. Consistent with the disclosure principles in the Interpretive Guidance, the last sentence of Item 303(a) of
Regulation&nbsp;S-K recognizes that the handling of segment presentation in the MD&#038;A is
company-specific and requires exercise of judgment; and instructions within Item&nbsp;303,
including instruction 5 to paragraph (a)(4) of Item&nbsp;303, and the last sentence of Item
101(b) of Regulation&nbsp;S-K, recognize that a cross-reference to segment disclosure in
financial statements may promote clarity in the MD&#038;A.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Comparison of twelve-months ended December&nbsp;31, 2010 to the twelve months-ended December&nbsp;31,
2009, page 50</B></U>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>In future Exchange Act periodic reports, please include a summary of your leasing activity
for the reporting period. Please include in that summary a discussion of leasing costs,
including leasing commissions and tenant improvement costs on a per square foot basis.</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">We will include such information in future filings if we conclude that it is material to the
respective period or would otherwise enhance investor understanding of our performance and
financial statements. In addition, we will include such information if and to the extent it
enhances our disclosure of known trends or uncertainties that have had or that we expect
will have a material impact on our revenues or income.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Your tabular disclosure of property portfolio total revenue and property-related expenses
calculates the amount &#147;Subtotal,&#148; which equals net operating income disclosed elsewhere in
your filing. Please tell us how your disclosure complies with </B><B>Item 10(e)</B><B> of Regulation&nbsp;S-K,
or tell us how you determined it was not necessary to provide such information.</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">We previously did not believe that it was necessary to provide additional disclosure on the
&#147;Subtotal&#148; amount since we do not separately discuss it within our MD&#038;A.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">In future Exchange Act reports, we will change &#147;Subtotal&#148; to &#147;Net operating income&#148; and, in
compliance with Item 10(e) of Regulation&nbsp;S-K, disclose why we believe this amount provides
useful information to our investors regarding our financial condition and results of
operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Liquidity and Capital Resources of the Parent Company, page 60</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>In future Exchange Act periodic reports, with respect to your continuous equity Offering
Program, please disclose the gross proceeds or, alternatively, the average price per share and
also explain in greater detail the use of proceeds by the operating partnership for sales in
the reporting period. In addition, please clarify the amount still available under the
program.</B></DIV></TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
June&nbsp;10, 2011<BR>
Page 8

</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">Please note that in the fourth paragraph of page 60 we disclose: (i)&nbsp;the total number of
common shares initially available for sale under the program (15,000,000); (ii)&nbsp;the number of shares sold under the program through December&nbsp;31, 2010 (5,742,268); (iii)&nbsp;the
average per share sales price ($12.54); and (iv)&nbsp;the aggregate net sales proceeds ($70.8
million).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">The difference between the gross and net proceeds reflects costs of sales, primarily the
compensation (not to exceed 2% of the gross sales price) paid to the sales agents under the
program. In our future filings we will expressly state the number of shares that remain
available for sale under the program, calculated as the difference between (i)&nbsp;and (ii)&nbsp;in
the previous paragraph.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">Please note that we currently include separate discussions of liquidity and capital
resources for each of the Parent Company and the Operating Partnership under the captions
&#147;Liquidity and Capital Resources of the Parent Company&#148; (page 60) and &#147;Liquidity and Capital
Resources of the Operating Partnership&#148; (page 61) and explain the reasons for our separate
discussions in the first paragraph on page 60. As this pertains to the use of proceeds from
sales under the program, we disclose (in the fourth paragraph on page 60) that the Parent
Company contributes the proceeds from the sales of its shares to the Operating Partnership
(the entity through which the Parent Company owns its assets and conducts its business). In
our discussion under the caption &#147;Liquidity and Capital Resources of the Operating
Partnership,&#148; (i.e., in the first bullet point of the fifth paragraph on page 61) we
disclose that the Operating Partnership used the net proceeds contributed to it by the
Parent Company to reduce borrowings under the Credit Facility and for general corporate
purposes. In future filings, we will include a cross-reference to this discussion of use of
proceeds in the discussion of use of proceeds under the caption &#147;Liquidity and Capital
Resources of the Parent Company.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Item&nbsp;15. Exhibits and Financial Statement Schedules</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>(a) </B><U><B>1. and 2. Financial Statements and Schedules </B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Notes to Consolidated Financial Statements, page F-15</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>2. Summary of Significant Accounting Policies, page F-15</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Purchase Price Allocation, page F-16</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>We note that you amortize below-market lease values over the non-cancellable term including
any fixed-rate renewal periods. Please tell us how you determine the likelihood that a lessee
will execute a below-market lease renewal, and how you consider, if at all, in determining the
amortization period.</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
June&nbsp;10, 2011<BR>
Page 9

</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">In our assessment of the fair value of acquired lease intangibles, we determine the
likelihood that the lessee under an acquired lease will exercise an unconditional
contractual right to renew or extend the lease term at a below-market rent based on our experience and the relevant facts and circumstances that exist at the time of the
acquisition. Our methodology for this review typically consists of evaluating one or more
of the following, among others: (i)&nbsp;trends in market rental rates, (ii)&nbsp;the spread between
the market rate and the renewal rate, (iii)&nbsp;the amount of space in the building the tenant
occupies, (iv)&nbsp;discussions with tenants during the due diligence period and (v)&nbsp;the age of
the building.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">If, based on our management&#146;s assessment, the acquired lease includes a below market fixed
rate renewal option and relevant facts and circumstances support a conclusion that it is
probable the tenant would remain in the space during the renewal period, we consider the
renewal period as part of the value of the below market lease and we also include the
renewal period in the amortization period.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">This assessment has not been required frequently as the vast majority of acquired leases
with renewal options only allow for such renewal at fair market rental rates as defined in
the lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Construction in Progress, page F-17</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Regarding the internal direct construction costs capitalized, in future periodic filings
please disaggregate the amounts between development, redevelopment and ongoing tenant
improvement projects. Please also tell us the amount of salaries capitalized in each of these
categories, and if material, include in future periodic filings.</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">In the periods covered by our 2010 Form 10-K, our internal direct construction costs are
comprised entirely of salaries capitalized. The following table shows the amount of
salaries (including bonuses and benefits) capitalized in each category for the years
presented (in thousands):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,037</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Redevelopment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">374</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tenant improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,836</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,247</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">In our future filings we will expressly state that our internal direct construction costs
are comprised of capitalized salaries and we will disaggregate the amounts among the ongoing project types noted, if and to the extent such amounts are applicable and material.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
June&nbsp;10, 2011<BR>
Page 10

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Accounting Pronouncements Adopted During 2010, page F-24</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>We note your discussion of the three entities that have been deconsolidated due to the
amended guidance for the consolidation of variable interest entities and your conclusion that
the partners have shared power in these ventures. Please clarify what happens in situations
where the parties do not agree and whether contractually one of the parties has the ability to
break any deadlock.</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">The partnership agreements for each of the three partnerships &#091;Four Tower Bridge Associates;
Six Tower Bridge Associates; and Coppell Associates&#093; that we deconsolidated in 2010 provide
for customary mediation and arbitration processes to facilitate resolution of disagreements
between the partners. In recognition of both (i)&nbsp;the inherent limitations on mediation and
arbitration as processes to resolve disagreements and (ii)&nbsp;the desirability of affording
partners the ability to terminate their association with each other, each of the partnership
agreements also includes customary &#147;buy-sell&#148; provisions. Under these provisions, either
partner may deliver to the other partner a buy-sell notice. The notice must set forth a net
equity value for the partnership and include an offer by the partner that delivers the
notice both (x)&nbsp;to sell its entire interest in the partnership to the other partner based on
the net equity value set forth in the notice (with adjustments that reflect any preferential
return entitlements) or (y)&nbsp;to purchase the entire interest of the other partner based on
the same valuation methodology. The partner that receives the notice then has the option to
elect whether to sell its interest to the partner that delivered the notice or to purchase
the interest of the partner that delivered the notice.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>7. Debt Obligations, page F-34</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>We note your guaranteed exchangeable notes are exchangeable for cash or common shares for the
remainder of the exchange value in excess of the principal amount. Please clarify for us and
disclose in future periodic filings whether the election to issue cash or shares is at your
option.</B></DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">The remainder of the exchange value in excess of the principal amount may be paid, at our
option, in cash, common shares or a combination of cash and common shares. We will include
this disclosure in our future periodic filings.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
June&nbsp;10, 2011<BR>
Page 11

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>(a) </B><U><B>3. Exhibits</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Exhibits 23.1 and 23.2</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Please confirm to us that you have signed copies of the consents from your independent
registered public accounting firm related to the registration statements listed. In future
periodic reports, please ensure that you have included a designation illustrating that your
auditors have signed the consents.</B></DIV></TD>
</TR>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 5%">We confirm that we have signed copies of the consents from our independent registered public
accounting firm related to the listed registration statements. We will ensure that we
include in future periodic reports the appropriate designation illustrating that our
auditors have signed the consents.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
June&nbsp;10, 2011<BR>
Page 12

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As requested, these responses to your comments have been submitted within ten business days of your
associated letter. In closing, we acknowledge that:
</DIV>

<DIV style="margin-top: 10pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Company is responsible for the adequacy and accuracy of the disclosure in the
filing;</DIV></TD>
</TR>

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</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Staff comments or changes to disclosure in response to Staff comments do not
foreclose the Commission from taking any action with respect to the filing; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Company may not assert Staff comments as a defense in any proceeding initiated
by the Commission or any person under the federal securities laws of the United States.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If you have any questions with respect to our responses or require any additional information,
please feel free to call me at 610-832-4907.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>/s/Howard M. Sipzner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Howard M. Sipzner<BR>
Executive Vice President and Chief Financial Officer

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