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Peakstone Realty Trust pivoted to a purely industrial firm in November before Brookfield Asset Management offered to pay a 31% premium per share to buy it.
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The property's last buyer defaulted on its loan in 2024.
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The sale of 2001 M St. NW, which was overhauled a decade ago and is 95% leased, pencils to $572 per SF.
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Brookfield has ceded control to lenders or sold at a discount assets once valued at more than $3B, and it plans billions more in sales, a Bisnow analysis found.
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The equity will be paired with an $800M CMBS loan to pay off $900M in maturing debt.
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Brookfield's pace of fundraising skyrocketed last quarter.
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Plus, multifamily sales and a $925M refinance of URW's Century City mall.
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The investment management giant has done $13B worth of CRE deals globally within the first half of the year.
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Brookfield has won more time to refurbish and lease up its German residential portfolio.
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Uncommon Developers Managing Partner Ryan Hekmat has been involved with the property since the 1990s.
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