Brookfield buys $167m building from Wachovia.

Brookfield Properties Corporation has announced the completion of the purchase of Edison Place, 701 9th Street, N.W., in Washington, D.C. from Wachovia Development Corporation for $167.1 million, including the assumption of $151.6 million of long-term mortgage debt.

The transaction marks Brookfield's second acquisition of a major Class A office building in Washington, D.C. in the last three months, following the purchase of 1625 Eye Street, N.W., in December 2003.

"This transaction exemplifies our investment strategy of acquiring high-quality properties in stable, high-growth markets," said Ric Clark, President & CEO of Brookfield Properties Corporation. "Washington, D.C. is the strongest office market in North America, and we are pleased to be expanding our presence in the U.S. capitol with the addition of another premier property to Brookfield's portfolio."

PHI Service Company, a subsidiary of PEPCO Holdings, Inc., has master-leased the building for 25 years. PEPCO occupies 354,000 square feet of space in the building as its corporate headquarters.

Brookfield's portfolio along the Northeast corridor includes 15 million square feet in New York, 11 million square feet in Toronto and 2 million square feet in Boston.