The building is actually the second phase of an integrated development by Kaempfer Development that began with 1201 New York Ave. The first was built in 1987 and the second was completed in 1993. The latest purchase reunites the building under one owner. Strategic Real Estate advised Falcon Realty Co. when it purchased 1201 New York Ave. in the first quarter of 1999. The two properties combined total 434,343 sf and are 100% leased.

"Rental values in this location have risen more than 33% since the acquisition of 1201 New York Ave. in the first quarter of 1999," says Pierre N. Rolin, chairman of StratREAL. "Currently, 65% of the space within both the buildings have tenants in common, and over 50% of the currently rented space will be up for renewal in the near future. This will create new synergies and increased capital value for the combined properties."

Faison Capital Advisors exclusively represented the seller, New York Avenue Associates Limited Partnership. Falcon Real Estate Investment Co. Ltd., Shearman & Sterling and PricewaterhouseCoopers exclusively dealt for Strategic Real Estate Advisors Limited.