900,000-SF DC Area Portfolio Finds Buyer

WASHINGTON, DC-The deal is not yet set in stone, but Toronto-headquartered Brascan Real Estate Opportunity Fund has placed its signature on a binding agreement to take over ownership of a 900,000-sf office portfolio located in Washington, DC and Maryland’s Prince George’s County. BREOF will take the six properties off the hands of Douglas Development Corp. in a deal that is expected to close in April.

“The addition of the Washington portfolio provides the critical mass to actively market the fund to institutional investors seeking to diversify their portfolios,” says BREOF managing partner David Arthur.