Brookfield Office Properties
), a real estate investment firm, recently announced the
divestiture of two assets comprising the 33 South 6th Street/City
Center property in Minneapolis and the KBR Tower office building
in Houston. Net proceeds from the asset sale amounted to $182
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The 33 South 6th Street/City Center property spanning 1.1 million
square feet was sold to Shorenstein Properties LLC for gross
proceeds of $205.5 million. Additionally Brookfield sold a 50%
stake in the KBR Tower office building and adjacent garage in
Houston to a non-traded REIT affiliate of
W. P. Carey Inc
) for gross proceeds of $174.6 million.
Spanning 1.05 million square feet of space, KBR Tower was a joint
venture with KBR Inc. (
). The engineering company KBR had signed a 20-year term lease
with Brookfield in 2010 for 1.2 million square feet at KBR Tower
Brookfield continues to reposition its portfolio through the
disposal of non-strategic assets and acquisition of high-quality
properties. The asset recycling program is intended to
enhance the overall quality of its portfolio. Over the last two
years, the company has divested seven non-core assets.
Based in New York, Brookfield owns, develops and manages premier
office properties in the United States, Canada and Australia. It
also provides ancillary real estate service businesses, such as
tenant service and amenities. The company invests in high growth
and high barrier-to-entry markets.
Brookfield currently retains a Zacks #3 Rank, which translates
into a short-term Hold rating. We also have a long-term Neutral
recommendation on the stock.