Brandywine, more sue State of Texas for backing out of leases
The above video shows KXAN Live’s top morning headlines for Saturday, Nov. 4, 2023.
AUSTIN (ABJ) — Brandywine Realty Trust has filed a lawsuit against a major former tenant: the State of Texas. And it's not the only landlord to do so.
Philadelphia-based Brandywine’s (NYSE: BDN) lawsuit, filed Oct. 27 in Travis County, alleged the Texas Health and Human Services Commission broke a contract with the real estate developer earlier this year by prematurely terminating a lease at Brandywine’s growing Uptown ATX development that promises to expand the bounds of Austin's second downtown beyond The Domain.
HHSC backed out of the lease due to a provision that allows state entities to do so “due to the non-availability of money,” but the lawsuit goes on to allege that the agency did indeed have funds specifically available to pay rent.
Read the full story online at the Austin Business Journal.