U.S. Markets open in 5 hrs 43 mins

Brookfield Office acquires class A office building in San Francisco for $80M

Brookfield Office 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, for $80M. 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.