Exelon Acquires Pepco Holdings’ D.C. HQ for $175M
By Isabelle Durso April 16, 2025 1:49 pm
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Utility company Exelon has acquired Pepco Holdings’ headquarters in Washington, D.C.
PHI Service Company, an affiliate of Exelon, bought the building at 701 Ninth Street NW from BFP 701 9th Co., an affiliate of Brookfield Properties, for $175 million, according to city records made public this week.
The property, also known as Edison Place, is returning to old ownership, as Potomac Capital Investment, a subsidiary of Pepco, sold it to Brookfield in 2004 for $169.8 million, according to the Washington Business Journal, which first reported the news.
“The strategic sale of 701 Ninth Street NW underscores Pepco Holdings’ commitment to the District and Brookfield’s disciplined approach to unlocking value for our investors,” a spokesperson for Brookfield said in a statement to Commercial Observer.
The deal comes after Pepco merged with Exelon in an all-cash $6.8 billion deal in March 2016 and combined its three electric and gas utilities across the country with Exelon’s three utilities, creating the largest power distributor in the U.S., according to a release at the time.
Pepco’s lease at the 364,000-square-foot 701 Ninth Street, which started in 2004, will be terminated as part of the new sale, WBJ reported. However, the company will continue to use its gallery in Edison Place to support nonprofit and community events.
“This purchase reinforces our commitment to being a key anchor institution in the downtown area and ensures continued engagement with civic life, proximity to customers and local leaders, and support for local businesses and workforce development,” a spokesperson for Pepco said in a statement to CO.
The spokesperson added that the sale of Pepco’s headquarters is expected to “offer long-term savings for customers that may offset future increases from inflation or other costs.”
The building between G Street Northwest and H Street Northwest is also home to Mediterranean restaurant Zaytinya in the ground-floor retail space.
News of the deal comes after Brookfield sold the nearby 750 Ninth Street NW, also known as the Victor Building, to Rockwood Capital for $153 million, according to WBJ.
Isabelle Durso can be reached at idurso@commercialobserver.com.
