Brookfield Sells Stake In 2001 M For $250M
Brookfield Property Partners is generating capital from a recently redeveloped office building in D.C.'s central business district as it looks to fund major new projects.
The firm announced in its quarterly earnings report Thursday it sold a 49% interest in 2001 M St. NW for $250M. It did not disclose the buyer.
The building on the corner of 20th and M streets NW sits within a half-mile of the Dupont Circle and Farragut North Metro stations. Brookfield launched the speculative redevelopment in 2014 after anchor tenant KPMG moved out. The repositioning project, designed by LSM, replaced the building's red brick facade with glass and added 60K SF.
Law firms then began to flock to the office building. Bracewell & Giuliani leased 50K SF in 2015. Weil Gotshal & Manges LLP and Wilkinson Walsh + Eskovitz signed on in 2016 for 65K SF and 33K SF, respectively. In October, Brookfield landed Buckley Sandler for 65K SF.
The deal follows Brookfield's November sale of a two-building Rosslyn property for $103M. Brookfield Executive Vice President Greg Meyer told Bisnow in November it was strategically generating capital to put toward its new mixed-use developments, including a 4M SF Wegmans-anchored project in Reston.