Brookfield Sells $349M Stake in DC Office Portfolio
Brookfield Property Partners has found a buyer for the 49% stake in eight office buildings it put on the market this spring. AustralianSuper, a superannuation fund, paid $349M for its piece of the portfolio, valued at $1.3B. Brookfield will continue to manage and lease the 96% occupied buildings and own 51% of the portfolio as part of the JV agreement, the companies announced. Brookfield CEO Ric Clark said the sale is part of Brookfield's ongoing capital recycling, and was a way for the Australian fund to enter the DC market. The buildings involved in the transaction are:
650 Massachusetts Ave NW
SF: 355,078
Specs: Class-A, built in 1990 and renovated in 2013
77 K St NE
SF: 327,000
Specs: Class-A built in 2008
799 9th St NW
SF: 204,025
Specs: Class-A built in 2001, renovated in 2014
1400 K St NW
SF: 89,861
Specs: Class-B built in 1981, renovated in 2005
1200 K St NW
SF: 389,000
Specs: Class-A built in 1992
750 9th St NW
SF: 346,593
Specs: Class-A built in 2000
Bethesda Crescent
SF: 308,113
Specs: Three office buildings in Bethesda
