X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-Toronto-based Brascan Corp.’s Brascan Real Estate Opportunity Fund acquired the 350,000-sf office property at 77 P St. NE from Washington, DC’s Douglas Development Corp. News emerged in March that Brascan had signed a binding agreement to purchase six office properties totaling 900,000 sf from Douglas; 77 P St. NE, also known as 64 New York Ave. NE, was purported to be among that list of properties.

Cassidy & Pinkard represented Douglas in the disposition, the value of which has not yet been disclosed–nor has it been reported in the District’s property records database. The class A property has a proposed 2006 assessed value of $82.2 million. For previous coverage, click here.

Once the home of a drugstore warehouse, 77 P St. is located in the NoMa district. The freestanding building underwent a redevelopment at the hands of the seller five years ago and is currently nearly 90% occupied. The District of Columbia is the lead tenant. The city leased nearly 150,000 sf of the high-tech office space in 2002, and maintains offices of the Department of Employment Services and Department of Mental Health and Human Services at the property.

Brascan, Douglas and Cassidy & Pinkard did not return calls regarding the value of the transaction or Brascan’s acquisition of other properties from Douglas. Douglas originally put 26 properties accounting for 2.6 million sf in DC, Northern Virginia and Suburban Maryland–including 77 P St.–on the market through Cassidy & Pinkard for sale as a single portfolio or individual properties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.