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Washington, D.C. Property Management

Brookfield Plans to Sell Non-Controlling Interest in DC Properties

Brookfield Asset Management and its affiliate Brookfield Property Partners are ready to take advantage of peak cap rates and unload nearly $2B in by selling non-controlling interests in major US markets. $1.33B of that is in seven DC properties with total liabilities of $687M, Costar Group reports. Here are the DC buildings:1250 Connecticut Ave NWSF: 183,658Specs: Class-B, built in 1963 and renovated in 1994650 Massachusetts Ave NWSF: 355,078Specs: Class-A, built in 1990 and renovated in 201377 K St. NESF: 327,000Specs: Class-A built in 2008799 9th St NWSF: 204,025Specs: Class-A built in 2001, renovated in 20141400 K St NWSF: 89,861Specs: Class-B built in 1981, renovated in 20051200 K St NWSF: 389,000Specs: Class-A built in 1992750 9th St NWSF: 346,593Specs: Class-A built in 2000Bethesda CrescentSF: 308,113Specs: Three office buildings in BethesdaBrookfield has already sold some properties in Seattle and Toronto and plans to also sell properties from Boston and potentially New York. [CoStar]Correction: A previous version of this story incorrectly stated that Brookfield would sell these buildings outright. They will be a selling 49% non-controlling interest in the assets.

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