Brookfield Takes Trophy Asset for $106M

ROSSLYN, VA-In a recent transaction valued at whopping $106 million, Potomac Tower, a 238,000-sf trophy office property fronting the Potomac River and lying just a bridge away from Georgetown, traded to a new real estate portfolio. Brookfield Properties Corp. is the new owner of the class A office facility, having acquired it from Deutsche Immobilien Fonds AG, an entity advised by Metzler North America that purchased Potomac Tower in 1997 for $62.2 million. The 15-year-old property, according to Arlington County records, carries a current assessed value of nearly $68.6 million.

Located on a half acre on 19th Street off Route 66, Potomac Tower boasts more than just a prime location literally a stone’s throw from the District. The IM Pei-designed office building, which ascends 19-stories, brings the new owner the added convenience of being 100% occupied by less than 10 tenants. Investment firm Friedman Billings Ramsey Group Inc. keeps its headquarters in the building, and along with Northrop Grumman and Strategic Investment Partners Inc., accounts for 70% of the total leasable space.