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Rockwood Capital Recapitalizes, Acquires 49% Stake in DC Office Complex
Rockwood Capital has completed the recapitalization of an office complex at 655 New York Avenue NW in Washington, D.C.
An affiliate of Rockwood has acquired a 49% stake in the Class A building on behalf of Meritz Alternative Investment Management. A Brookfield Asset Management real estate fund and Douglas Development, who together redeveloped and built the property in 2019, retained a 51% ownership stake.
The 756,000-square-foot property in D.C.’s East End is adjacent to the Washington Convention. It was constructed on a site that was assembled by Douglas Development out of nine separate purchases over 15 years, and is comprised of 19 historic structures combined with a new 11-story glass office tower.
“We continue to target state-of-the-art office assets with significant tenant credit and weighted average lease term in locations and settings that are poised to successfully attract and retain a highly educated labor force,” said David Becker, a managing partner at Rockwood.
- ◦Sale/Acquisition
