Brookfield sells Washington property to World Bank

Fri Dec 10, 2010 4:50pm EST

* Sale follows $321.5 million Houston acquisition

* Shares closed 1.9 pct higher before announcement

TORONTO Dec 10 (Reuters) - Brookfield Office Properties BPO.N BPO.TO, which manages office properties in the United States, Canada and Australia, said on Friday it has sold an office building in Washington to the World Bank for $216 million.

Brookfield said it sold the eight-story property at 1225 Connecticut Avenue NW after spending $32 million on updating it after buying it in 2006.

It was the second major property transaction announced by Brookfield this week.

On Thursday, the Canadian company said it had acquired a 53-storey office tower in Houston for $321.5 million.

The company said in late October that confidence was returning to the New York and Washington markets, signaling further recovery in the office property sector following the global economic crisis.

The company changed its name from Brookfield Properties Corp in July and announced plans to restructure and become a pure-play office property company.

Brookfield shares closed 1.9 percent higher at C$17.20 on Friday on Toronto Stock Exchange.

($1=$1.01 Canadian) (Reporting by Pav Jordan; editing by Peter Galloway)