The 54 story building was acquired by Brookfield Office Properties December 9th 2012 and purchased for $215 million which equates to about $160 per square foot. The building’s main tenant was CenturyLink whose master lease expired 6 months ago; presently they only occupy about 150,000 square feet of the 1.3 million square foot building. Brookfield has been able to sign approximately 244,000 square feet (mostly existing tenants), but 875,000 square feet remain un-leased. Lease-up of the 875,000 square feet, Brookfield is targeting healthcare, finance, oil and gas, law firms and technology companies. Part of the marketing process includes a markup of elevator and bathroom improvements with finishing touches of marble and granite inlay, lobby renovation, new fitness center and a large common conference room. Weitz Company Incorporated which built the building originally, is also the general contractor for the renovation.
In addition to paying $160 per square foot, Brookfield plans to invest $100 per square foot for renovations. With the improvements, Brookfield believes they will be rewarded upon lease-up.