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Douglas Officially Forms JV With Brookfield For 655 New York Ave

Douglas Officially Forms JV With Brookfield For 655 New York Ave

Douglas Development has entered into a JV with Brookfield Asset Management to co-develop 655 New York Ave NW, the 760k SF future home of The Advisory Board Co.

What was initially reported as a $67M sale of four retail properties in the immediate vicinity is rather Douglas Development selling the land that the Jemal family has owned for years into the JV, principal Matthew Jemal tells Bisnow. Last year, The Advisory Co signed on for 500k SF at the planned development in one of the biggest real estate deals of 2015.

Once Douglas signed ABC, it looked for JV partners to help co-develop the site. The family business reportedly explored bringing in Tishman Speyer and Boston Properties as equity partners, but settled with the Canadian giant. There's no word on when exactly the deal closed.

This is the latest area acquisition for Brookfield. Just last week, affiliate company Brookfield Property Partners acquired a six-property, 1.2M SF portfolio of suburban Maryland office buildings from Washington Real Estate Investment Trust for $240M. They're also getting ready to open 2001 M St NW, one of the most radical repositions in the region.