PR92725

NEW YORK, Nov. 2, 2021 /PRNewswire=KYODO JBN/--

-- Acquires 49% Stake in 655 New York Avenue NW

Rockwood Capital ("Rockwood") announced today it has completed the

recapitalization of 655 New York Avenue NW, a trophy office complex 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.

Terms of the transaction were not disclosed.

The 756,000 square foot property, located in the heart of Washington D.C.'s

East End, is adjacent to the Washington Convention Center, bordered by Seventh

and L Streets. With 79,000 square feet of the building allocated to retail, the

LEED gold-certified complex is considered a masterpiece of preservation,

constructed on a site that was assembled by Douglas Development out of 9

separate purchases over a 15-year period comprised of 19 historic structures

combined with a new 11-story glass office tower offering panoramic views of the

city. The building's amenities include penthouse conference space, rooftop

terraces, a fitness center, lounge, game room, bike rooms and lockers, and 467

spaces of underground parking. Current office tenants include PwC, UnitedHealth

Group, and Brookfield.

David Becker, a Managing Partner at Rockwood, said, "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. We are very enthusiastic

about partnering with Brookfield and Douglas Development in the ownership of

this trophy asset."

About Rockwood Capital

Rockwood Capital is a real estate investment management firm founded in 1995

that provides debt and equity capital combined with real estate operating

expertise for the repositioning, development, redevelopment and

recapitalization of residential, office, retail and hotel space in key markets

throughout the United States. Rockwood is a 75-person organization with offices

in New York, NY; San Francisco, CA; and Los Angeles, CA. Since inception,

Rockwood and its principals have invested in approximately $34.4 billion of

real estate and real estate-related assets (gross asset value). As of Q2 2021,

Rockwood manages a portfolio of approximately $10.8 billion (gross asset

value). Rockwood's international investor base includes sovereign wealth funds,

public and private pension funds, endowments, foundations, insurance companies,

funds of funds, high net worth individuals and family offices.

Contact: Caroline Luz

         Lambert & Co.

         +1-203-656-2829

         cluz@lambert.com

SOURCE:  Rockwood Capital, LLC