WASHINGTON, DC-Days after it acquired a building in the East End, Brookfield Properties has sold one of its DC area holdings: 1225 Connecticut Ave., NW for $216 million. It traded to the World Bank, which has occupied the 240,000-square-foot building since 2008.
Brookfield did not return a call to GlobeSt.com in time for publication. In a statement, the CEO of Brookfield’s US commercial operations, Dennis Friedrich, said that the sale was part of the company’s capital recycling strategy.
At the beginning of the month, Brookfield acquired 650 Massachusetts Ave. for $113 million in cash as part of its repositioning as a pure office investor. This particular block has been active in recent days. Last week, First Potomac snapped up 1211 Connecticut Ave., a fully leased, eight-story, 137,754-square-foot office building for $49.5 million, or approximately $359 per square foot, from Harbor Group International.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
