As part of the deal, Brookfield will redevelop both the tower and the retail space and lease the complex. Work is slated to begin immediately and include new windows and mechanical/electrical systems.
Recently, Brookfield acquired a half interest in the Bay-Adelaide Centre, a 50-story, 1.3 million-sf development in Downtown Toronto that is half owned by Canapen.
Commenting on the deal, David Arthur, president and CEO of Brookfield Properties Ltd., the firm's Canadian subsidiary, notes "It is a means of providing an immediate and cost-effective solution for the growth needs of our dynamic tenant base, which includes nine million sf of office users in Downtown Toronto."
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