WASHINGTON, DC – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it represented Brookfield Property Group in the sale of 801 N. Capitol Street, NE in Washington, DC. It was purchased by Bethesda-based ASB Real Estate Investments for $53.5 million. Brookfield has owned the property since 2004.
Paul Collins, Bill Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented Brookfield in the 88,000 square foot building transaction.
“One of the primary features of 801 N. Capitol is its commuter-friendly and amenity-rich location in DC, which is only improving with nearby Union Station’s ongoing redevelopment and the continued growth of NoMa and the H Street corridor,” Mr. Ryan said.
Built in 1966 and renovated most recently in 2010, 801 N. Capitol occupies a quintessential location on Capitol Hill, a neighborhood defined by political and financial power due to the presence of the US Capitol, Supreme Court, SEC Headquarters and numerous other federal agencies. Unparalleled transportation and amenities are provided just steps from the building at Union Station, the gateway to the nation’s capital for over 32 million commuters and visitors annually.
801 N. Capitol Street is 100 percent leased to University of the District of Columbia (UDC) until 2026. This long-term lease was a key attraction for buyers.
About Brookfield Property Group
Brookfield Property Partners is a commercial real estate owner, operator and investor operating globally. Our diversified portfolio includes interests in over 300 office and retail properties encompassing approximately 250 million square feet. In addition, we have interests in approximately 20,000 multi-family units, 35 million square feet of industrial space and a 19 million square foot office development pipeline. Our goal is to be the leading global investor in best in class commercial property assets. For more information, please visit http://www.brookfieldpropertypartners.com/
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $4.0 billion in gross assets under management for approximately 198 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multi-family, retail and industrial properties. Applying a disciplined strategy, ASB manages the Allegiance Fund, its sole vehicle for core investing, as well as a value-add fund and a development separate account.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.