Brookfield Properties Corp., (BPO, BPO.TO) announced that it has entered into a joint venture partnership with Edge Fund Advisors on the 1625 Eye St., NW office property in Washington, DC. In joining the venture, Edge Fund will assume a 90% common membership interest in the building by contributing $203.4 million, or $587 per leasable square foot. Brookfield will maintain a 10% common membership interest as well as a preferred interest in the venture, and will retain property management and leasing responsibilities at the building.
In a separate transaction also completed today, Brookfield Properties sold One Bethesda Center, a 170,000-square-foot building in Bethesda, Maryland, to JBG Associates, LLC. The two transactions generated about $103 million in net proceeds for Brookfield Properties.
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