JBG acquires DC office from Brookfield

The Chevy Chase, Maryland firm paid $53m for One Bethesda Center, a 167,000 sq. ft. office and retail property, for $71m assuming a $53m mortgage. The property was originally bought by Brookfield in 2006 for $66.4m.

JBG Companies has bought an office and retail property in the Washington DC metro area for $71 million from Brookfield Properties Corporation.

The Chevy Chase, Maryland firm assumed a $53 million mortgage on One Bethesda Center, brokers HFF confirmed today.

The property is 99 percent leased to 14 tenants, with HFF senior managing director Dek Potts, who co-led the investment sales team on the deal, saying in a statement “quality buildings with stable rent rolls in strong submarkets will generate competitive pricing”.

Brookfield bought the 12-storey office and retail centre, which also has parking, in June 2006 for $66.4 million, according to data provider Real Capital Analytics.