Brookfield Sells NoVA Office Tower for $143M
Deal is $37M above the building’s 2004 sale price
By Nick Trombola September 17, 2024 10:25 am
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Brookfield (BN) has received some much-needed good office news in the wake of its office tower portfolio distress.
The Toronto-based firm, one of the largest alternative investment management firms in the world, has sold the 20-story Potomac Tower in Rosslyn, Va., to Venture Global LNG, a natural gas company that is headquartered in the building. Brookfield traded the tower for $143 million, or $37 million more than it paid for it in 2004, according to the Business Journals, which first reported the news.
The property has a serious pedigree: Renowned architect I.M. Pei — the man behind structures like the Louvre Pyramid in Paris and the Rock & Roll Hall of Fame in Cleveland — designed the tower at 1001 19th Street North. Potomac Tower opened in 1989, the same year as the Louvre Pyramid.
The deal occurred across two separate sales, per the Business Journals. The building sold for $113.8 million, while the land sold for $29.2 million.
A representative for Brookfield declined to comment.
The financial situations of office towers owned or formerly owned by Brookfield in other major markets have fallen like dominoes lately, perhaps most notably in Downtown Los Angeles. For example, with the Gas Company Tower, Bank of America Plaza, EY Plaza, 777 Tower and Figueroa at Wilshire properties all facing some form of distress.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
