The World Bank has bought the 8-story building at 1225 Connecticut Avenue in Washington, DC for $216 million according to a Bloomberg report. World Bank has leased the property since 2008 and used 100% of the rentable 240,000 square feet as its headquarters. World Bank acquired the office building from Brookfield Properties, which will be retained as the managing agent for the property. The sale represents a price of $900 per square foot, the highest price per square foot ever paid for an office building in D.C. according to the Washington Business Journal.
Brookfield said it sold the building after spending $32 million on updating it after buying it in 2006 as part of Trizec Properties Inc.'s portfolio according to Reuters. The building was among the first redeveloped buildings in the United States to achieve LEED CS (Core & Shell) Platinum certification. "In keeping with our capital recycling strategy, we will be proactive in seeking similar opportunities to create value within the D.C. market," Dennis Friedrich, chief executive officer of Brookfield's U.S. commercial operations, said in the statement.
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