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Saturday, 16 November 2013
Brookfield Office Properties Enters San Francisco Market With Purchase of 685 Market Street
Brookfield Office Properties Inc. (NYSE:BPO) (TSX: BPO) today announced its first investment in the San Francisco office market with the acquisition of 685 Market Street, a 205,000-square-foot class A office building in the South Financial District submarket.
"San Francisco has been a market we've been enthusiastically pursuing and 685 Market Street presented the right opportunity in which to transact," said Mark Brown, global chief investment officer of Brookfield Office Properties. "The market has experienced significant growth in recent years, specifically in the technology sector, and the strength of the location and a repositioning program of this asset will attract significant interest across various industries."
685 Market Street, also known as the Monadnock building, was originally built in 1907 and underwent a full restoration and renovation project in the late 1980s. The 10-story office building houses approximately 192,000 square feet of office space and 13,000 square feet of street-level retail.
The property is currently 76% leased, creating significant upside potential for Brookfield through proactive re-leasing, capital improvements and asset management. The building's prime location at the intersection of Market Street, 3rd Street and New Montgomery Street has attracted historical occupancy in the 90% range to a diverse mix of tenants. The anchor tenant in the building is Macys.com, the online division of the prominent national retailer, which occupies approximately 46% of the building's leasable area