The properties, which total 1.9 million sf of office space, are located in the Downtown area here in the heart of the city's financial district and cover 2.1 million sf. The interest was sold for $337 million with $168 million for the equity component and $169 million for the assumption of property level debt.
Brookfield Properties president and CEO Richard Clark tells GlobeSt.com that this sale is part of the company's business strategy. "We bring in 50% partners so we can pull out the cash," he explains. "We want to pursue other investment alternatives and opportunities."
Brookfield Properties owns 60 properties totaling 47 million sf and at a value of eight billion dollars. Among the company's holdings are The World Financial Center in NY and BCE place in Toronto.
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