Brookfield Acquires Maryland Assets - Analyst Blog

Brookfield Office Properties Inc. (BPO) recently announced the acquisition of an office building namely, Three Bethesda Metro Center in Bethesda, Maryland for $150.1 million from the Meridian Group. The building is currently 93.0% leased and provides ample scope for further development.

Located at the intersection of Wisconsin Avenue and Old Georgetown Road, the center is a 17-storied building spanning 368,400 square feet. The office building features full size atriums with glass elevators and underground parking facility. The center is ideally located at the Bethesda Row, and provides easy access to all the amenities including shopping, nightlife, dining and other entertainment amenities in that area.

Three Bethesda Metro Center in Bethesda is the company’s fourth property in the Bethesda submarket. With this transaction; Brookfield expects to further expand its presence in Maryland.

Based in New York, Brookfield is a publicly owned real estate investment firm. The company owns, develops and manages premier office properties in the United States, Canada and Australia. It also provides ancillary real estate service businesses, such as tenant service and amenities. The company mainly invests in high growth and high-barrier-to-entry markets with primary focus on the creation and sustainability of growing streams of cash flow.

Brookfield currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Xinyuan Real Estate Co., Ltd. (XIN) holds a Zacks #1 Rank, which translates into a short-term Strong Buy rating.

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