Brookfield Office Properties announced this week that it had purchased 799 9th Street, NW on the corner of 9th and H Streets in Washington, DC for $106 million from A-799 9th Street Holdings, LLC. The 10-story class A office building previously traded hands in November 2006 when Cushman & Wakefield negotiated the sale from Blue Capital Investments for $127.5 million. Brookfield said it is funding the acquisition through new property-level financing of $71.5 million and the balance from available cash resources.
Built in 2001, 799 9th Street 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 has said that it has planned improvements for the property, including a full lobby and building entry renovation, a tenant fitness center with showers and lockers, and a new roof terrace with views of the DC monuments.
"The East End submarket is thriving, with low office vacancy, new amenities coming online, and an overall 24-7 neighborhood feel," said Dennis Friedrich, president and global chief investment officer at Brookfield Office Properties. "Our investments in several of the premier office buildings in this submarket are consistent with our strategy of owning high-quality assets in the best-located areas of our core U.S. markets."
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