-- 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