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.
The property's last buyer defaulted on its loan in 2024.
The sale of 2001 M St. NW, which was overhauled a decade ago and is 95% leased, pencils to $572 per SF.
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.
The equity will be paired with an $800M CMBS loan to pay off $900M in maturing debt.
Brookfield's pace of fundraising skyrocketed last quarter.
Plus, multifamily sales and a $925M refinance of URW's Century City mall.
The investment management giant has done $13B worth of CRE deals globally within the first half of the year.
Brookfield has won more time to refurbish and lease up its German residential portfolio.
Uncommon Developers Managing Partner Ryan Hekmat has been involved with the property since the 1990s.
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