Brookfield Properties’ sale of the Potomac Tower office building just outside Washington, D.C., represents one of the largest deals in the metropolitan region post pandemic.
The successful completion of the sale amid challenging market conditions earned the deal a 2025 CoStar Impact Award for sale of the year in the Washington, D.C., area, as judged by real estate professionals familiar with the market.
Brookfield sold the Potomac Tower, in Arlington, Virginia 's Rosslyn district to a local investment group for $143 million.
The office sector has faced significant turbulence in capital markets over the past 24 to 48 months, making transactions of this scale increasingly rare.
Despite such obstacles, JLL arranged acquisition financing by navigating intense scrutiny from lenders' credit committees and appraisers.
Spanning 241,710 rentable square feet, the 20-story trophy high-rise is fully leased to 10 tenants, with an average lease term of more than eight years remaining at the time of sale.
About the sale: The sales price of the property, built in 1989 and renovated around 2015, worked out to be about $592 per square foot, according to CoStar data. The late famed architect I.M. Pei, known for his other work in the area including the National Gallery of Art’s East Building, designed the tower.
What the Judges Said: “Truly a success story amidst a very challenging office market, this sale required navigation of a myriad of financing and appraisal hurdles,” said Mara Olguin, chief marketing officer for Dweck Properties.
Tammy Shoham, director of research at JLL Washington, said, “In a market with very few sales comps, many of which are fraction of their assessed values, this sale reminds the market that high-quality, well-located products hold their value.”
They Made It Happen: The team of listing brokers included JLL’s Jay Farmer, Matt Nicholson, Trey Ramsey and Bill Craig.
Senior market manager Nina Thilert contributed to this report.