799 9th Street Gets New Owner

Last month when New York-based Brookfield Office Properties purchased 799 9th Street for $106 million, or about $522 per rental square foot (SF), 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% 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 (GSA) tenants, including U.S. Customs and Border Protection. The 10-story, 203,000 SF building was erected in 2001 and traded hands in 2006 for $127.5 million, or about $634 per SF. Brookfield acquired 799 9th Street from AEW Capital Management. It also owns two other Downtown properties: 701 9th Street and the Victor Building (750 9th Street).