Thursday, March 01, 2007

JP Morgan Chase Offices in Houston & Phoenix Sold for 234 Million

CoStar Group - February 28, 2007

Brookfield Asset Management (NYSE: BAM) is selling two fully leased office buildings in Houston and Phoenix to Crystal River Capital (NYSE:CRZ) in a deal valued at about $234 million. Crystal River is a specialty finance company externally managed and advised by a wholly-owned subsidiary of Brookfield Asset Management.

The 1.2 million-square-foot transaction includes the 750,000-square-foot Chase Tower -- Arizona's tallest building -- at 201 N. Central Ave. in downtown Phoenix, and the 412,500-square-foot North American Technology Center at 1111 Fannin St. in downtown Houston. JP Morgan Chase anchors both buildings under 15-year, triple net leases.

Toronto-based Brookfield, which teamed with The Blackstone Group to acquire Trizec Properties and Trizec Canada last year for $8.9 billion, acquired the two buildings last fall on behalf of Brookfield Real Estate Opportunity Fund in a 33-property, $460 million portfolio acquisition from JPMorgan Chase. That deal also included Chicago's landmark 300 S. Riverside Plaza office building and Milwaukee's 472,500-square-foot Chase Tower. Sphere: Related Content

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