Saturday, October 07, 2006

Chevron U.S.A. Signs Largest Lease in North America Since 2000

Canada News Wire Group - October 5, 2006

Brookfield Properties Corporation (NYSE:BPO)(TSX: BPO) today announced that it has acquired Four Allen Center, a 1.2 million square foot property located at 1400 Smith Street in downtown Houston, for $120 million. In addition, Brookfield Properties announced that it has signed a lease with Chevron U.S.A., Inc., a subsidiary of Chevron Corp., for the entire property.

The lease was believed to be the largest single building lease ever in Houston and the largest new office lease in north america since 2000.

Brookfield Properties will hold Four Allen Center in a joint venture with The Blackstone Group, a private equity firm. Through the acquisition of Trizec, completed earlier today, the Brookfield Properties joint venture acquired seven other central business district assets, making it the largest office owner in downtown Houston with holdings of 7.4 million square feet.

In February 2006, Chevron signed a new lease for 465,000 square feet at Continental Center I, 1600 Smith Street, currently owned by the Brookfield Properties joint venture.

An icon of the Houston skyline, Four Allen Center is a 50-story, 1.2 million square foot, Class A office building that was developed in 1983. The office tower is strategically situated on Houston's six-mile pedestrian/retail sky bridge and tunnel system that serves major downtown towers. The property's reflective glass facade and east/west diagonal setting provides a high level of visibility from all points of the central business district. Sphere: Related Content

No comments:

Wikinvest Wire