Brookfield Properties Takes 25% of Mixed-Use Complex in Toronto

NEW YORK CITY-Brookfield Properties has acquired a $25% interest in the 960,000-sf Hudson’s Bay Center in Toronto from the Canapen Group for $C63 per sf. Consisting of a 102,000-sf retail complex with a 35-story, 535,000-sf office tower above, it also houses a garage and a station of the Bloor and Yonge subway lines, the country’s busiest subway interconnection.

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.