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GlobeSt.com UPDATE: Brascan Takes 350,000-SF Office Building

WASHINGTON, DC-Ownership of the 350,000-sf office building at 77 P St. NE changes hands. The property, which also carries the address of 64 New York Ave. NE, was completely redeveloped from a former drugstore warehouse in 2000 by the seller.

By Barbra Murray | Updated on November 01, 2005

WASHINGTON, DC-Toronto-based Brascan Corp.’s Brascan Real Estate Opportunity Fund acquired the 350,000-sf office property at 77 P St. NE from Washington, DC’s Douglas Development Corp. News emerged in March that Brascan had signed a binding agreement to purchase six office properties totaling 900,000 sf from Douglas; 77 P St. NE, also known as 64 New York Ave. NE, was purported to be among that list of properties.

Cassidy & Pinkard represented Douglas in the disposition, the value of which has not yet been disclosed–nor has it been reported in the District’s property records database. The class A property has a proposed 2006 assessed value of $82.2 million. For previous coverage, click here.

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