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Brookfield Office
Properties Inc.
BPO announced today the sale of
two assets: the 33 South 6th Street / City Center property in
Minneapolis and the KBR Tower office building in Houston, in which
Brookfield sold its 50% interest along with joint venture partner
KBR.
Brookfield sold the 33 South 6th Street / Minneapolis City Center
property in Minneapolis to Shorenstein Properties LLC on behalf of
its tenth investment fund, Shorenstein Realty Investors Ten, L.P. for
$205.5 million gross. Net proceeds to Brookfield were approximately
$106 million.
The 50-story property contains 1.1 million square feet of office
space, 370,000 square feet of retail space and 687 parking stalls.
Target Corp. is the anchor tenant, renting 72% of office space under
a lease that expires in December 2023. Overall, the property is 95%
leased.
Brookfield, along with joint venture partner KBR Inc., sold the KBR
Tower office building and adjacent garage in Houston to Corporate
Property Associates 17-Global, a public non-traded REIT affiliate of
W. P. Carey Inc.
WPC for $174.6 million gross. Brookfield's
U.S. Office Fund (in which Brookfield owns an 84% interest) had owned
a 50% interest in the building through a joint venture with KBR. Net
proceeds to Brookfield were approximately $76 million.
KBR Tower, located at 601 Jefferson St. in downtown Houston, contains
1.05 million square feet of headquarter office and retail space, with
an adjacent 1,500-space garage. Brookfield acquired its stake in the
40-story tower as part of the Trizec portfol
io in 2006.
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Posted In: NewsAsset Sales
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