Sunday, November 28

▷ Rockwood Capital recapitalizes Washington, DC office complex

01.11.2021 – 18:00

Rockwood Capital, LLC

New York (ots/PRNewswire)

Acquires 49% stake in 655 New York Avenue NW

Rockwood Capital (Rockwood “) announced today that it has completed the recapitalization of 655 New York Avenue NW, a trophy office complex in Washington, DC. A Rockwood subsidiary has a 49% interest on behalf of Meritz Alternative Investment Management in the Class A. A real estate fund owned by Brookfield Asset Management and Douglas Development, who jointly renovated and built the property in 2019, retained a 51% stake. The terms of the transaction were not disclosed.

The 756,000 square foot property is located in the heart of the East End of Washington DC and is adjacent to the Washington Convention Center, which is bordered by Seventh and L Streets. With 79,000 square feet of retail space, the LEED Gold-certified complex is considered a masterpiece of historic preservation. Erected on land that was put together by Douglas Development from nine separate purchases over a 15-year period, it combines 19 historic buildings with a new 11-story glass office tower that offers panoramic views of the city. The building’s amenities include conference rooms in the penthouse, roof terraces, a fitness center, lounge, games room, bicycle rooms and lockers, and 467 underground parking spaces. Current office tenants include PwC, UnitedHealth Group and Brookfield.

David Becker, Managing Director of Rockwood, said, “We continue to target state-of-the-art office properties with substantial tenant loans and weighted average maturities in locations and environments that are capable of attracting and retaining a highly skilled workforce. We look forward to working with Brookfield and Douglas Development on the acquisition of the Trophy asset. “

Information on Rockwood Capital

Rockwood Capital is a real estate investment management company founded in 1995, leveraging debt and equity coupled with real estate operations expertise for the repositioning, development, renovation and recapitalization of residential, office, retail and hotel space in major markets in the throughout the United States. Rockwood is a 75-employee company with offices in New York, NY, San Francisco, CA, and Los Angeles, CA. Since inception, Rockwood and its major shareholders have invested approximately $ 34.4 billion in real estate and property-related assets (gross asset value). In the second quarter of 2021, Rockwood manages a portfolio of approximately $ 10.8 billion (gross asset value). Rockwood’s international investors include sovereign wealth funds, public and private pension funds, foundations, insurance companies, funds of funds, high net worth individuals and family offices.

Press contact:

Caroline Light
Lambert & Co.
[email protected]

Original content by: Rockwood Capital, LLC, transmitted by news aktuell

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