JPMorgan Chase Completes $300 Million Sale Leaseback of 52 U.S. Office Buildings and Bank Branches

Bloomberg - September 26, 2007

Brookfield Asset Management Inc.'s real estate unit bought 52 U.S. office buildings and bank branches from JPMorgan Chase & Co. for $300 million, adding to the 33 properties it bought from the U.S. bank last year.

The latest properties have 3.6 million square feet and are located in 14 states, Toronto-based Brookfield said today in a statement distributed by Marketwire.

They include the Elgin Card Services Building in suburban Chicago, the Sky Harbour Operations Center and two contiguous buildings in downtown Tempe, Arizona, and office buildings on Long Island and in Brooklyn, New York, Brookfield said.

Today's acquisition adds to the 5.3 million square feet of properties that Brookfield bought from JPMorgan Chase and affiliates last year for $460 million. The New York-based bank signed long-term leaseback agreements for "significant" portions of the space sold, Brookfield said.

The sale allowed New York-based JPMorgan Chase to get rid of vacant space it accumulated through mergers during the past several years and remove the responsibility of building ownership. Sphere: Related Content