SC 13D/A 1 y48322sc13da.txt AMENDMENT NO. 5 TO SCHEDULE 13D 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 5)* Brandywine Realty Trust ------------------------------------------------------------------------------- (Name of Issuer) Common Shares, par value $0.01 per share ------------------------------------------------------------------------------- (Title of Class of Securities) 105368203 --------------------------- (CUSIP Number) Marjorie L. Reifenberg, Esq. Lazard Freres Real Estate Investors L.L.C. 30 Rockefeller Plaza New York, N.Y. 10020 (212) 632-6000 with a copy to: Frederick Tanne, Esq. Kirkland & Ellis 153 East 53rd New York, New York 10022 (212) 446-4800 ------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) March 19, 2001 --------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [ ] NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). 2 ------------------------------ ------------------------------------ CUSIP No. 105368203 13D Page 2 of 17 Pages ----- ------ ------------------------------ ------------------------------------ ================================================================================================================================= 1 NAME OF REPORTING PERSON Lazard Freres Real Estate Investors L.L.C. I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: --------------------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [ ] (b) [ X ] --------------------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY --------------------------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (SEE INSTRUCTIONS) AF --------------------------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] --------------------------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York --------------------------------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 3,482,703 -------------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY NONE -------------------------------------------------------------------------------------- EACH REPORTING 9 SOLE DISPOSITIVE POWER PERSON 3,482,703 -------------------------------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER NONE --------------------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,482,703 --------------------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] --------------------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.79% --------------------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO (limited liability company) =================================================================================================================================
3 ------------------------------ ------------------------------------ CUSIP No. 105368203 13D Page 3 of 17 Pages ----- ------ ------------------------------ ------------------------------------ ================================================================================================================================= 1 NAME OF REPORTING PERSON LF Strategic Realty Investors L.P. I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: --------------------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [ ] (b) [ X ] --------------------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY --------------------------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (SEE INSTRUCTIONS) AF --------------------------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] --------------------------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware --------------------------------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER 560 SHARES --------------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY 3,482,143 --------------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 560 PERSON -------------------------------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 3,482,143 --------------------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,482,703 --------------------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] --------------------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.79% --------------------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN (limited partnership) =================================================================================================================================
4 ------------------------------ ------------------------------------ CUSIP No. 105368203 13D Page 4 of 17 Pages ----- ------ ------------------------------ ------------------------------------ ================================================================================================================================= 1 NAME OF REPORTING PERSON Commonwealth Atlantic Operating Properties Inc. I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: --------------------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [ ] (b) [ X ] --------------------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY --------------------------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (SEE INSTRUCTIONS) OO --------------------------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] --------------------------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Virginia --------------------------------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 3,482,143 -------------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY NONE -------------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 3,482,143 PERSON -------------------------------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER NONE --------------------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,482,143 --------------------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] --------------------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.79% --------------------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO =================================================================================================================================
5 ------------------------------ ------------------------------------ CUSIP No. 105368203 13D Page 5 of 17 Pages ----- ------ ------------------------------ ------------------------------------ ================================================================================================================================= 1 NAME OF REPORTING PERSON Commonwealth Atlantic Land V Inc. I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: --------------------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [ ] (b) [ X ] --------------------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY --------------------------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (SEE INSTRUCTIONS) OO --------------------------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] --------------------------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Virginia --------------------------------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER NONE SHARES -------------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY 3,482,143 --------------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING NONE PERSON --------------------------------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 3,482,143 --------------------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,482,143 --------------------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] --------------------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.79% --------------------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO =================================================================================================================================
6 ------------------------------ ------------------------------------ CUSIP No. 105368203 13D Page 6 of 17 Pages ----- ------ ------------------------------ ------------------------------------ ================================================================================================================================= 1 NAME OF REPORTING PERSON Commonwealth Atlantic Properties Inc. I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: --------------------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [ ] (b) [ X ] --------------------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY --------------------------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (SEE INSTRUCTIONS) OO --------------------------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] --------------------------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Virginia --------------------------------------------------------------------------------------------------------------------------------- 7 SOLE VOTING POWER 3,482,143 NUMBER OF --------------------------------------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY NONE --------------------------------------------------------------------------------------- OWNED BY 9 SOLE DISPOSITIVE POWER EACH 3,482,143 --------------------------------------------------------------------------------------- REPORTING PERSON 10 SHARED DISPOSITIVE POWER WITH NONE --------------------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,482,143 --------------------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] --------------------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.79% --------------------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO =================================================================================================================================
7 ------------------------------ ------------------------------------ CUSIP No. 105368203 13D Page 7 of 17 Pages ----- ------ ------------------------------ ------------------------------------ ================================================================================================================================= 1 NAME OF REPORTING PERSON Commonwealth Atlantic Properties Investors Trust I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: --------------------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [ ] (b) [ X ] --------------------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY --------------------------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (SEE INSTRUCTIONS) OO --------------------------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] --------------------------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Maryland --------------------------------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES NONE -------------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY 3,482,143 EACH -------------------------------------------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON NONE -------------------------------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 3,482,143 --------------------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,482,143 --------------------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] --------------------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.79% --------------------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO (real estate investment trust) =================================================================================================================================
8 ------------------------------ ------------------------------------ CUSIP No. 105368203 13D Page 8 of 17 Pages ----- ------ ------------------------------ ------------------------------------ ================================================================================================================================= 1 NAME OF REPORTING PERSON Lazard Freres & Co. LLC I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: --------------------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [ ] (b) [ X ] --------------------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY --------------------------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (SEE INSTRUCTIONS) AF --------------------------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] --------------------------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York --------------------------------------------------------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER 3,482,703 SHARES -------------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY NONE -------------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 3,482,703 PERSON -------------------------------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER NONE --------------------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,482,703 --------------------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] --------------------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.79% --------------------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO (limited liability company) =================================================================================================================================
9 ---------------------- ------------------------- CUSIP No. 105368203 13D Page 9 of 17 Pages ---- ---- ---------------------- ------------------------- This Amendment No. 5 is filed by Lazard Freres Real Estate Investors L.L.C., a New York limited liability company ("LFREI"), LF Strategic Realty Investors L.P., a Delaware limited partnership ("LF Realty"), Commonwealth Atlantic Operating Properties Inc., a Virginia corporation ("CAOP"), Commonwealth Atlantic Land V Inc., a Virginia corporation ("CAL V"), Commonwealth Atlantic Properties Inc., a Virginia corporation ("CAPI"), Commonwealth Atlantic Properties Investors Trust, a Maryland real estate investment trust ("CAPIT") and Lazard Freres & Co. LLC, a New York limited liability company ("Lazard" and together with LFREI, LF Realty, CAOP, CAL V, CAPI and CAPIT, the "Reporting Persons"). Capitalized terms used herein but not defined shall have the meanings ascribed thereto in the Schedule 13D dated July 31, 1999, as amended, filed by the Reporting Persons (as amended, the "Initial Schedule 13D"). This Amendment hereby amends and supplements the Initial Schedule13D. All items not described herein remain as previously reported in the Initial Schedule 13D. ITEM 2. IDENTITY AND BACKGROUND (a), (b), (c) and (f). Schedules 13 and 14 setting forth the name, business address and principal occupation or employment of the members of the Lazard Board of LLLC and the Executive Committee of LSCC, respectively, are hereby amended and restated in their entirety as Schedules 13 and 14, respectively, hereto and are incorporated by reference herein. As a result of the restructuring of CAPI as described in Item 5(c) as of March 19, 2001,Commonwealth Atlantic Land II Inc., a Virginia corporation ("CAL"), Commonwealth Atlantic Land I Inc., a Virginia corporation ("CAL I"), Commonwealth Atlantic Land III Inc., a Virginia corporation ("CAL III"), Richmond Land Corporation, a Virginia corporation ("RLC"), Commonwealth Atlantic Holding I Inc., a Virginia Corporation ("CAHI") and Commonwealth Atlantic Development Inc., a Virginia corporation ("CADI"), which previously filed statements on Schedule 13D with respect to the Common Shares, are no longer Reporting Persons and will no longer file statements on Schedule 13D with respect to the Common Shares. See Item 5(c). ITEM 5. INTEREST IN SECURITIES OF THE ISSUER (a) As a result of the restructuring of CAPI as described in item 5(c), CAOP owns of record and beneficially 1,950,000 Preferred Units. Each of these 1,950,000 Preferred Units has a liquidation preference of $50 and, as of August 31, 2000, may be redeemed at the option of CAOP for Class A Units at a conversion price of $28 per unit; provided that if the Common Shares have traded at $23 or lower during the 60 trading day period ending December 31, 2003, the conversion price is reduced to $26.50. Assuming the conversion by CAOP of its Preferred Units into Class A Units, at a conversion price of $28.00 per unit, and the subsequent conversion of such Class A Units into Common Shares, the Reporting Persons will beneficially own Common Shares of Brandywine as follows: 1. CAOP will own of record and beneficially 3,482,143, or 8.79%, of the outstanding Common Shares; 10 ---------------------- ------------------------- CUSIP No. 105368203 13D Page 10 of 17 Pages ---- ---- ---------------------- ------------------------- 2. CAL V, as a shareholder of CAOP, may be deemed to beneficially own 3,482,143, or 8.79%, of the outstanding Common Shares; 3. CAPI, as the sole shareholder of CAL V and a shareholder of CAOP, may be deemed to beneficially own 3,482,143, or 8.79%, of the outstanding Common Shares; 4. CAPIT and LF Realty, as shareholders of CAPI, may be deemed to beneficially own 3,482,143, or 8.79%, of the outstanding Common Shares; 5. LF Realty may be deemed to beneficially own 3,482,703 Common Shares (560 of which it owns of record and beneficially, and 3,482,143 of which it may be deemed to beneficially own as a shareholder of CAPI and CAPIT), or 8.79%, of the outstanding Common Shares; 6. LFREI, as the general partner of LF Realty, may be deemed to beneficially own 3,482,703, or 8.79%, of the outstanding Common Shares; and 7. Lazard, as the managing member of LFREI, may be deemed to beneficially own 3,482,703, or 8.79%, of the outstanding Common Shares. LFREI and Lazard disclaim beneficial ownership of any of the Common Shares reported in this statement. (b) Assuming full conversion in each case as described above, LF Realty, LFREI and Lazard would each have the sole power to direct the vote and disposition of 3,482,703 Common Shares. CAOP would have the power to vote or dispose of or direct the vote or disposition of the 3,482,143 Common Shares it owns of record. CAL V, as a shareholder of CAOP, may be deemed to have the shared power, along with CAPI, to direct the vote or disposition of the Common Shares owned by CAOP. CAPI as the direct and indirect shareholder of CAOP may be deemed to have the sole power to direct the vote or disposition of the Common Shares owned by CAOP. CAPIT as a shareholder of CAPI may be deemed to have the shared power, along with LF Realty, to direct the vote or disposition of the Common Shares held by CAOP. (c) On March 19, 2001 CAPI effected a restructuring of certain of its subsidiaries. In such restructuring, CAHI, CAL III, RLC, CAL I, CAL and CADI merged into CAOP, with CAOP as the surviving corporation. As a result of the mergers of CAL and CADI into CAOP, CAOP now holds, in addition to the 1,622,544 Preferred Units it previously owned, the 283,731 Preferred Units previously held by CAL and the 43,725 Preferred Units previously held by CADI. The transactions described in this item 5(c) are referred to herein as the "Mergers." ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDING OR RELATIONSHIPS WITH RESPECT TO THE SECURITIES OF THE ISSUER As discussed below, the 1,950,000 Preferred Units that CAOP owns of record and beneficially have been pledged as collateral under a certain credit facility. 11 ---------------------- ------------------------- CUSIP No. 105368203 13D Page 11 of 17 Pages ---- ---- ---------------------- ------------------------- In connection with a Loan Agreement dated March 31, 1999, between General Electric Capital Corporation (the "Secured Party") and CAPI, RLC, CAL I, CAL, CAL III, Commonwealth Atlantic Land IV Inc., CAL V, Potomac Yard Retail, Inc., Potomac Yard Technology Park, Inc., CADI, Commonwealth Atlantic Land Company, CAHI and CAOP (the "Borrowers"), as amended on September 14, 1999 and January 19, 2000, and as amended and restated on March 22, 2001 (the "Loan Agreement"), CAOP, CAL and CADI entered into a Subordinate Pledge and Security Agreement with the Secured Party dated as of March 31, 1999, as amended on September 14, 1999 (the " Subordinate Pledge Agreement"), pursuant to which they pledged all their right, title and interest in and to the Preferred Units in favor of the Secured Party. Subsequent to the Mergers, on March 22, 2001, CAOP and the Secured Party entered into an Amended and Restated Subordinate Pledge and Security Agreement pursuant to which CAOP pledged in favor of the Secured Party all of its right, title and interest in and to the 1,950,000 Preferred Units it owns, and all additions thereto and substitutions therefor. Until the Borrower's obligations under the Loan Agreement have been paid in full, CAOP may not sell, assign, transfer, exchange, redeem or otherwise dispose of its Preferred Units. 12 ---------------------- ------------------------- CUSIP No. 105368203 13D Page 12 of 17 Pages ---- ---- ---------------------- ------------------------- SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: April 24, 2001. LF STRATEGIC REALTY INVESTORS L.P. By: Lazard Freres Real Estate Investors L.L.C., its general partner By: /s/ John A. Moore ----------------------------------------- Name: John A. Moore Title: Principal and Chief Financial Officer LAZARD FRERES REAL ESTATE INVESTORS L.L.C. By: /s/ John A. Moore ----------------------------------------- Name: John A. Moore Title: Principal and Chief Financial Officer COMMONWEALTH ATLANTIC OPERATING PROPERTIES INC. By: /s/ John A. Moore ----------------------------------------- Name: John A. Moore Title: Vice President COMMONWEALTH ATLANTIC LAND V INC. By: /s/ John A. Moore ----------------------------------------- Name: John A. Moore Title: Vice President 13 ---------------------- ------------------------- CUSIP No. 105368203 13D Page 13 of 17 Pages ---- ---- ---------------------- ------------------------- COMMONWEALTH ATLANTIC PROPERTIES INC. By: /s/ John A. Moore ----------------------------------------- Name: John A. Moore Title: Vice President COMMONWEALTH ATLANTIC PROPERTIES INVESTORS TRUST By: /s/ John A. Moore ----------------------------------------- Name: John A. Moore Title: Vice President and Chief Financial Officer LAZARD FRERES & CO. LLC By: /s/ Scott D. Hoffman ----------------------------------------- Name: Scott D. Hoffman Title: Managing Director 14 ---------------------- ------------------------- CUSIP No. 105368203 13D Page 14 of 17 Pages ---- ---- ---------------------- ------------------------- SCHEDULE 13 LAZARD BOARD OF LAZARD LLC Set forth below are the members of the Lazard Board of Lazard LLC, their business address, principal occupation and citizenship:
Name Principal Occupation and Business Address Citizenship -------------------------- ------------------------------------------------------------ ---------------------------- Michel A. David-Weill Chairman of Lazard LLC and Lazard Freres & Co. LLC France Lazard Freres & Co. LLC 30 Rockefeller Plaza New York, NY 10020 Antoine Bernheim Investor France Chairman of Assicurazioni Generali S.p.A. Lazard Freres S.A.S. 121 Boulevard Haussmann 75382 Paris Cedex 08 France Francois Voss Managing Director of Lazard Freres S.A.S. France Lazard Freres S.A.S. 121 Boulevard Haussmann 75382 Paris Cedex 08 France Didier Pfeiffer President du Conseil de Surveillance France Fonds de Garantie des Assurances de Personnes 30-32 rue de Taitbout 75311 Paris Cedex 09 France Alain Merieux President Directeur General (CEO) France BioMerieux S.A. and BioMerieux Alliance 69280 Marcy L'Etoile France Jean Guyot Investor France Lazard Freres S.A.S. 121 Boulevard Haussmann 75382 Paris Cedex 08 France Bruno M. Roger Managing Director of Lazard Freres S.A.S. France Lazard Freres S.A.S. 121 Boulevard Haussmann 75382 Paris Cedex 08 France William R. Loomis, Jr. Chief Executive Officer and Managing Director of Lazard USA Freres & Co. LLC and Chief Executive Officer of Lazard LLC Lazard Freres & Co. LLC 30 Rockefeller Plaza New York, NY 10020
15 ---------------------- ------------------------- CUSIP No. 105368203 13D Page 15 of 17 Pages ---- ---- ---------------------- -------------------------
Name Principal Occupation and Business Address Citizenship -------------------------- ------------------------------------------------------------ ---------------------------- David J. Verey Chairman, Managing Director and Executive Director of United Kingdom Lazard Brothers & Co., Limited Lazard Brothers & Co., Limited 21 Moorfields London EC2P 2HT United Kingdom Gerardo Braggiotti Managing Director of Lazard Freres S.A.S., Lazard Freres & Italy Co. LLC and Lazard Brothers & Co., Limited, Vice Chairman of Lazard AB Stockholm and Lazard & C. Srl, Member of Supervisory Board of Lazard & Co. GmbH and Chairman of Lazard Asesores Financieras S.A. Lazard Freres S.A.S. 121 Boulevard Haussmann 75382 Paris Cedex 08 France
16 ---------------------- ------------------------- CUSIP No. 105368203 13D Page 16 of 17 Pages ---- ---- ---------------------- ------------------------- SCHEDULE 14 EXECUTIVE COMMITTEE OF LAZARD STRATEGIC COORDINATION COMPANY LLC Set forth below are the members of the Executive Committee of Lazard Strategic Coordination Company LLC, their business address, principal occupation and citizenship:
Name Principal Occupation and Business Address Citizenship -------------------------- ------------------------------------------------------------ ---------------------------- Michael A. David-Weill Chairman of Lazard LLC and Lazard Freres & Co. LLC France Lazard Freres & Co. LLC 30 Rockefeller Plaza New York, NY 10020 Gerardo Braggiotti Managing Director of Lazard Freres S.A.S., Lazard Freres & Italy Co. LLC and Lazard Brothers & Co., Limited, Vice Chairman of Lazard AB Stockholm and Lazard & C. Srl, Member of Supervisory Board of Lazard & Co. GmbH and Chairman of Lazard Asesores Financieras S.A. Lazard Freres S.A.S. 121 Boulevard Haussmann 75382 Paris Cedex 08 France Norman Eig Managing Director of Lazard Freres & Co. LLC USA Lazard Freres & Co. LLC 30 Rockefeller Plaza New York, NY 10020 Kenneth M. Jacobs Managing Director of Lazard Freres & Co. LLC USA Lazard Freres & Co. LLC 30 Rockefeller Plaza New York, NY 10020 William R. Loomis, Jr. Chief Executive Officer and Managing Director of Lazard USA Freres & Co. LLC and Chief Executive Officer of Lazard LLC Lazard Freres & Co. LLC 30 Rockefeller Plaza New York, NY 10020 Georges Ralli Managing Director of Lazard Freres S.A.S. France Lazard Freres S.A.S. 121 Boulevard Haussmann 75382 Paris Cedex 08 France Bruno M. Roger Managing Director of Lazard Freres S.A.S. France Lazard Freres S.A.S. 121 Boulevard Haussmann 75382 Paris Cedex 08 France
17 ---------------------- ------------------------- CUSIP No. 105368203 13D Page 17 of 17 Pages ---- ---- ---------------------- -------------------------
Name Principal Occupation and Business Address Citizenship -------------------------- ------------------------------------------------------------ ---------------------------- William J. Rucker Managing Director of Lazard Brothers & Co., Limited United Kingdom Lazard Brothers & Co., Limited 21 Moorfields London EC2P 2HT United Kingdom David L. Tashjian Managing Director of Lazard Freres & Co. LLC USA Lazard Freres & Co. LLC 30 Rockefeller Plaza New York, NY 10020 David J. Verey Chairman, Managing Director and Executive Director of United Kingdom Lazard Brothers & Co., Limited Lazard Brothers & Co., Limited 21 Moorfields London EC2P 2HT United Kingdom