Heavy-hitters Spend Big Bucks on Real Estate

Last month, when New York-based Brookfield Office Properties purchased 799 9th Street for $106 million, or about $522 per rental square foot, the company said that improvements—including a full lobby and building entry renovation, a tenant fitness center with showers and lockers, a new roof terrace, and restroom upgrades—will be in place by the summer of 2013. Currently 96-percent occupied with all leases set to expire in December 2012 and January 2013, the LEED Gold-certified building is primarily occupied by General Services Administration tenants, including U.S. Customs and Border Protection. The 10-story, 203,000-square-foot building was erected in 2001 and traded hands in 2006 for $127.5 million.

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Sun, 21 Sep 2014 02:02:54 -0400

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