{"id":1004752564,"date":"2025-03-31T03:02:18","date_gmt":"2025-03-31T11:02:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004752564"},"modified":"2025-03-31T06:36:51","modified_gmt":"2025-03-31T14:36:51","slug":"brookfield-sells-another-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-another-office-building\/","title":{"rendered":"Brookfield Sells DC Office Building"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/The-Victor-Building-edited.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004752572\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/the-victor-building-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/The-Victor-Building-edited.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The Victor Building\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/The-Victor-Building-edited.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/The-Victor-Building-edited.jpg\" alt=\"Exterior shot of the office building at 750 Ninth St. NW in Washington, D.C.\" class=\"wp-image-1004752572\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/The-Victor-Building-edited.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/The-Victor-Building-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">The nine-story office building at 750 Ninth St. NW dates back to 1909. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Rockwood Capital has acquired a 1909-vintage, 316,000-square-foot Class A office building in Washington, D.C., from Brookfield Properties for $153 million, according to CommercialEdge information.<\/p>\n\n\n\n<p>In pursuit of this acquisition, Rockwood obtained a $113.4 million loan from Deutsche Pfandbriefbank AG of Garching, Germany. The seller used the proceeds to pay off the remainder of a $155.6 million loan from June 2015 that was tied to this asset, <em>Washington Business Journal<\/em> reported.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>LISTEN TO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/step-into-my-office-wait-and-see-for-dc\/\">Step Into My Office: \u2018Wait and See\u2019 for DC?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The nine-story property, known as the Victor Building, is at 750 Ninth St. NW in the East End submarket. The asset came into Brookfield\u2019s portfolio in 2005, when the Smithsonian Institution sold it for $157.5 million.<\/p>\n\n\n\n<p>Most recently renovated in 2021, the LEED Gold-certified building features floorplates ranging from 27,290 square feet to 35,257 square feet, as well as 22,000 square feet of retail space, CommercialEdge shows. The property\u2019s office tenants include the Smithsonian Institution, Blue Cross Blue Shield, the Federation of American Hospitals and law firm Akerman.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-troubled-time\">A troubled time<\/h2>\n\n\n\n<p>The Victor Building sale appears to have been at least the second recent sale by Brookfield Properties that closed at a less-than-profitable price.<\/p>\n\n\n\n<p>Nearly two weeks ago, company sold a 10-story, 346,728-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-manhattan-building-at-100m-discount\/\">office building in Manhattan<\/a>\u2019s Times Square\u2013Hell\u2019s Kitchen submarket for $150 million\u2014about $105 million or 60 percent less than it had paid for the property in 2018.\u00a0<\/p>\n\n\n\n<p>The office market in the nation\u2019s capital \u201cfaces a potential turning point as private sector and federal in-office work mandates converge with record-low development, slowing vacancy expansion after years of post-pandemic increases,\u201d Marcus &amp; Millichap reported in a 2025 forecast.<\/p>\n\n\n\n<p>However, uncertainty remains, as the federal government still occupies nearly 30 percent of the D.C. metro\u2019s office stock and the GSA might be terminating up to 7,500 leases in coming years, the forecast continued.<\/p>\n\n\n\n<p>In the crossfire between a limited pipeline of new supply and space reductions by the federal government, Marcus &amp; Millichap expects the metro area\u2019s overall office vacancy to rise to about 21.3 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The $153 million price tag reflects only a slight discount from the prior trade.<\/p>\n","protected":false},"author":882,"featured_media":1004752572,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,21747,1615],"tags":[33497,32779,47213],"class_list":["post-1004752564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc","tag-brookfield-properties","tag-leed","tag-rockwood-capital-corp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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