Brookfield Office Properties Inc. (BPO, BPO.TO) announced that it has acquired 799 9th Street, NW in Washington, DC for $106 million or approximately $522 per rentable square foot.
Brookfield said it is funding the acquisition through new property-level financing of $71.5 million and the balance from available cash resources.
799 9th Street, NW is a 10-story, LEED Gold-certified, class A office building located in the East End submarket, adjacent to the City Center project and one block from three Metro lines. Built in 2001, the building holds 203,000 rentable square feet and is currently 96% occupied with all leases expiring in December 2012 and January 2013. The property has 156 parking spaces and several street-level eateries, including OYA Restaurant.
Brookfield said it owns two buildings immediately adjacent to 799 9th: 701 9th Street, NW and the Victor Building at 750 9th Street, NW, which collectively are 97% leased, creating a campus-like concentration of class A space in the East End submarket, which has the lowest office vacancy in downtown DC.
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