Situated at 701 9th St. in the East End area of the city's central business district, Edison Place stretches 11 stories high above a parcel across from the National Portrait Gallery and just a stone's throw from the MCI Center sports and entertainment venue. In addition to the 365,000 sf of class A office, retail and storage space, the building also features a four-story underground parking facility with 185,000 sf to accommodate more than 400 vehicles. Lead tenant Potomac Electric Power Co., which developed the property, will continue to use its 355,000-sf space to house its corporate headquarters under a 25-year master lease. The tenant roster of the building's fully occupied retail segment consists of Zatinya Restaurant and Starbucks Coffee.

"This transaction exemplifies our investment strategy of acquiring high-quality properties in stable, high-growth markets," said Brookfield president & CEO Richard B Clark. "Washington, DC is the strongest office market in North America, and we are pleased to be expanding our presence in the US Capitol with the addition of another premiere property to Brookfield's portfolio." The company made its debut in the Washington, DC market late last year with the $158 million purchase of the nearly 400,000-sf trophy office property at 1625 Eye St.