WASHINGTON, DC-Brookfield Office Properties has acquired an East End office building for $113 million in cash with the purchase of 650 Massachusetts Ave., NW--an eight-story, 317,000-square-foot property--from Washington Television Center. The company did not return a call to GlobeSt.com in time for publication.
In a statement, CEO of Brookfield Office Properties Dennis Friedrich said the acquisition was part of the company’s strategy of targeting assets within its core markets.
Brookfield Office Properties has been repositioning itself as a pure office play over the last several months. The company divested itself of its residential land division in a $1.2-billion transaction that entails a merger of BOP’s Carma Developers division with Brookfield Homes Corp., and is expected to close in January 2011.
It is also increasing its exposure to the Australian property market, adding in late July a 16-property portfolio comprised of eight million square feet in Sydney, Melbourne and Perth.
Brookfield Office Properties’ DC area portfolio is 93% leased. The 31 properties encompass 7.6 million square feet. It latest acquisition is the global headquarters of educational software company Blackboard. It is currently 74% leased.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
