UPDATE: Stifel Nicolaus Downgrades Brookfield Office Properties to Sell on NOI Pressure

Stifel Nicolaus downgraded Brookfield Office Properties BPO from Hold to Sell. Stifel Nicolaus noted, "Assuming Brookfield Place re-leasing costs $200mm in base-building upgrades and $90/SF or $300mm in re-leasing costs, this capital need equates to roughly $1.00/sh in NAV. We estimate a $8/sh gross and net rent roll-down on 3.2mm SF, which equates to $25.6mm in annual lost NOI. Total net asset value diminution at a 6.0% cap rate totals and $900mm or roughly $1.77/sh of value loss." Brookfield Office Properties closed at $17.12 on Monday.