Paul's music studio (a nonresidential building) was destroyed in a fire on March 15, 2022. He received insurance proceeds in the amount of $750,000 on November 15, 2022. His adjusted basis in the original building was $600,000. He uses the insurance proceeds to purchase a new music studio on September 1, 2023 for a cost of $650,000. Assuming Paul is able to make a valid election under IRC Section 1033, what is Paul's basis in the qualified replacement property (i.e., the newly acquired music studio)?