{"id":1004754879,"date":"2025-04-17T02:00:40","date_gmt":"2025-04-17T10:00:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004754879"},"modified":"2025-04-17T02:03:36","modified_gmt":"2025-04-17T10:03:36","slug":"brookfield-sells-dc-office-asset-for-175m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-dc-office-asset-for-175m\/","title":{"rendered":"Brookfield Sells DC Office Asset for $175M"},"content":{"rendered":"\n

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\"Exterior<\/a>
The office building at 701 Ninth St. NW is also known as Edison Place. Image courtesy of Pepco Holdings<\/em><\/figcaption><\/figure><\/div>\n\n\n

Exelon Corp. has acquired 701 Ninth St. NW in Washington, D.C., the headquarters of its Pepco Holdings subsidiary. Brookfield Properties sold the Class A asset for $175 million.<\/p>\n\n\n\n

\u201cThe strategic sale of 701 Ninth St. NW underscores Pepco Holdings\u2019 commitment to the District and Brookfield\u2019s disciplined approach to unlocking value for our investors,\u201d a Brookfield spokesperson said in a statement provided to Commercial Property Executive.<\/em><\/p>\n\n\n\n

Brookfield had purchased the 10-story, 364,000-square-foot office building, also known as Edison Place, for approximately $169.8 million in March 2004, according to CommercialEdge. Pepco Holdings had owned the 2001-completed asset before the sale to a Brookfield affiliate. Exelon, one of the nation\u2019s largest utility companies, acquired Pepco in a $6.8 billion merger in March 2016.<\/p>\n\n\n\n

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READ ALSO:<\/strong> DC Office Investment Picked Up Steam in 2024<\/a><\/p>\n\n\n\n

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A Pepco spokesperson told CPE <\/em>the purchase of its longtime D.C. headquarters is expected to offer long-term savings for its customers that may offset future increases from inflation or other costs. The spokesperson also mentioned the property serves as a central hub for Pepco teams who work across the District and portions of Montgomery and Prince George\u2019s counties in Maryland.<\/p>\n\n\n\n

Exelon and Pepco are also committed to the continued revitalization of the Gallery Place\/Chinatown neighborhood and will continue to use the Pepco Edison Place Gallery within the building to support nonprofit and community-focused events.<\/p>\n\n\n\n

Located in downtown D.C. between G Street NW and H Street NW, the LEED Gold-certified building has 14,000 square feet of ground-floor retail, including the site of Zaytinya, a restaurant run by renown chef Jos\u00e9 Andr\u00e9s. The mid-rise has 36,400-square-foot floorplates, according to CommercialEdge.<\/p>\n\n\n\n

Brookfield dispositions<\/h2>\n\n\n\n

The sale of Edison Place comes just weeks after Brookfield sold 750 Ninth St. NW,<\/a> also known as the Victor Building for $153 million. The firm used the sale proceeds to pay off the remainder of existing property debt, a $155.6 million loan from June 2015, the Washington Business Journal<\/em> reported.<\/p>\n\n\n\n

In August, Brookfield sold Potomac Tower, a fully leased, 20-story, 242,000-square-foot office tower at 1001 19th St. in Rosslyn, Va., also in the D.C. metro office market, to its largest tenant for $143 million. The sale involved two transactions\u2014$113.8 million for the building and $29.2 million for the land, according to WBJ<\/em>. Brookfield had acquired the building, designed by famed architect I.M. Pei, in 2004 for $106 million.<\/p>\n\n\n\n

The dispositions are part of Brookfield\u2019s capital allocation management strategy. It has recently been selling some of its properties as it looks to deploy capital toward high-performing assets elsewhere in its portfolio. <\/p>\n\n\n\n

In March, Brookfield sold 333 W. 34th St.<\/a>, a 10-story, 346,728-square-foot office building in Manhattan, for $150 million. The sale price was about $105 million or 60 percent lower than the 2018 acquisition value. <\/p>\n","protected":false},"excerpt":{"rendered":"

The building serves as headquarters for an Exelon subsidiary.<\/p>\n","protected":false},"author":1068,"featured_media":1004754891,"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":[33497,33136,32779],"class_list":["post-1004754879","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-exelon-corporation","tag-leed"],"acf":[],"yoast_head":"\nBrookfield Sells DC Office Asset for $175M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Exelon Corp. has acquired 701 Ninth St. NW, an office building in Washington, D.C., from Brookfield Properties.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-dc-office-asset-for-175m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brookfield Sells DC Office Asset for $175M\" \/>\n<meta property=\"og:description\" content=\"Exelon Corp. has acquired 701 Ninth St. NW, an office building in Washington, D.C., from Brookfield Properties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-dc-office-asset-for-175m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-17T10:00:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-17T10:03:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/701-W.-Ninth-St.-NW-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1868\" \/>\n\t<meta property=\"og:image:height\" content=\"1401\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-dc-office-asset-for-175m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-dc-office-asset-for-175m\/\",\"name\":\"Brookfield Sells DC Office Asset for $175M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-dc-office-asset-for-175m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-dc-office-asset-for-175m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/701-W.-Ninth-St.-NW-edited.jpg\",\"datePublished\":\"2025-04-17T10:00:40+00:00\",\"dateModified\":\"2025-04-17T10:03:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"description\":\"Exelon Corp. has acquired 701 Ninth St. NW, an office building in Washington, D.C., from Brookfield Properties.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-dc-office-asset-for-175m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-dc-office-asset-for-175m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brookfield-sells-dc-office-asset-for-175m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/701-W.-Ninth-St.-NW-edited.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/701-W.-Ninth-St.-NW-edited.jpg\",\"width\":1868,\"height\":1401,\"caption\":\"The office building at 701 Ninth St. NW is also known as Edison Place. 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