-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JWWa8pTPVHxpiyLA84OfOHg4rqokyS+0cqG8NGmGurYga3wZHdq7qCBdHW924t9x
 hUHZqO9TM9tPDjPD+1m5BA==

<SEC-DOCUMENT>0000950142-03-002565.txt : 20031230
<SEC-HEADER>0000950142-03-002565.hdr.sgml : 20031230
<ACCEPTANCE-DATETIME>20031230144016
ACCESSION NUMBER:		0000950142-03-002565
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031230
FILED AS OF DATE:		20031230

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ROTHSCHILD REALTY INVESTORS III LLC
		CENTRAL INDEX KEY:			0001238193
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09106
		FILM NUMBER:		031077456

	MAIL ADDRESS:	
		STREET 1:		1251 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

ISSUER:		

	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

	BUSINESS ADDRESS:	
		STREET 1:		14 CAMPUS BLVD
		STREET 2:		STE 100
		CITY:			NEWTOWN SQUARE
		STATE:			PA
		ZIP:			19073
		BUSINESS PHONE:		6103255600

	MAIL ADDRESS:	
		STREET 1:		TWO GREENTREE CENTRE
		STREET 2:		SUITE 100
		CITY:			MARLTON
		STATE:			NJ
		ZIP:			08053

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LINPRO SPECIFIED PROPERTIES
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<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>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----