Brookfield Properties Corp. has purchased a major Washington, D.C. office building from Wachovia Development Corp. The 547,000 sq. ft. Edison Place sold for $167.1 million. Brookfield also will assume $151.6 million worth of long-term mortgage debt on the 10-story property.
"This transaction exemplifies our investment strategy of acquiring high-quality properties in stable, high-growth markets," says Ric Clark, president and CEO of Brookfield Properties. "Washington, D.C. is the strongest office market in North America, and we are pleased to be expanding our presence in the U.S capital.
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This is Brookfield’s second major Washington, D.C. acquisition within the past three months. In December 2003, the company bought 1625 Eye Street. After this purchase, the Brookfield portfolio in the Northeastern U.S. includes 15 million sq. ft. of office space in New York City, 11 million sq. ft. in Toronto and 2 million sq. ft. in Boston.
A total of 354,000 sq. ft. of Edison Place are master-leased by PHI Service Co. for 25 years. A restaurant and a Starbucks coffee shop occupy the remainder of the property.