News
Brookfield Plans to Sell Non-Controlling Interest in DC Properties
March 31, 2015
Brookfield Asset Management and its affiliate Brookfield Property Partners are ready to take advantage of peak cap rates and unload nearly $2B in by selling non-controlling interests in major US markets. $1.33B of that is in seven DC properties with total liabilities of $687M, Costar Group reports. Here are the DC buildings:
SF: 183,658
Specs: Class-B, built in 1963 and renovated in 1994
SF: 355,078
Specs: Class-A, built in 1990 and renovated in 2013
SF: 327,000
Specs: Class-A built in 2008
SF: 204,025
Specs: Class-A built in 2001, renovated in 2014
SF: 89,861
Specs: Class-B built in 1981, renovated in 2005
SF: 389,000
Specs: Class-A built in 1992
SF: 346,593
Specs: Class-A built in 2000
Bethesda Crescent
SF: 308,113
Specs: Three office buildings in Bethesda
Brookfield has already sold some properties in Seattle and Toronto and plans to also sell properties from Boston and potentially New York. [CoStar]
Correction: A previous version of this story incorrectly stated that Brookfield would sell these buildings outright. They will be a selling 49% non-controlling interest in the assets.
