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Brookfield Plans to Sell Non-Controlling Interest in DC Properties

Washington, D.C. Property Management
Washington, D.C. Property Mgmt
March 31, 2015 Aisha Carter, Bisnow
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.

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