Brookfield Properties Corporation has bought two metro Washington, D.C. office assets for $230 million. The two 12-story office buildings are located in the Pentagon City submarket of Arlington County. There is 554,000 sq. ft. of rentable space between both properties. Each one is 100% leased by the U.S. government through 2014. Brookfield acquired the properties from National Retail Properties, a listed REIT.
“We are pleased to be expanding our platform in the U.S. capitol, one of our core markets,” says Ric Clark, president and CEO of Brookfield Properties.
Brookfield first entered the Washington, D.C. office market in 2003. It now owns a 2.3 million sq. ft. portfolio of Class A office properties in the market.