Finance  ·  Distress

BGO Surrenders $175M DC Office After 6 Years

Brookfield takes over a 290,835-square-foot building that was renovated in 2021

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New York-based asset management firm BGO has cut ties with a 290,835-square-foot office building in Washington, D.C., after acquiring it for $174.5 million in September 2018.

Brookfield Asset Management took over 1200 New Hampshire Avenue NW through a deed in lieu of foreclosure deal after acquiring the loan in April. 

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The building, completed in 1979 and renovated as recently as 2021, has a proposed assessed value for next year of $150.8 million, down from $158.5 million this year and $168.1 million in 2023, according to the Business Journals, which first reported BGO’s move. Tenants include television station Al Jazeera International and law firms Grossberg, Yochelson, Fox & Beyda and Friedman Law Offices.

BGO (formerly known as BentallGreenOak) acquired the asset thanks in part to a $123.8 million in financing from Citibank, which sold the loan to Brookfield in April. The principal amount was dropped to $70.8 million earlier this month.

Neither Brookfield nor BGO immediately returned requests for comment.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com