"This sale of a half interest in 245 Park Ave. is a continuation of our strategy to create value for shareholders by proactively managing our assets to enhance value, and then establishing partnerships with high-quality institutional partners who can participate in the cash flow along with us," notes Ric Clark, Brookfield's president and CEO.

According to a Brookfield Properties spokesperson, the sale to NYSTRS took approximately six months. "We consider 245 Park to be an amature property, as it's fully leased and financed.There's a strong appetite now among institutional investors for just this type of investment," the spokesperson tells GlobeSt.com, noting that other parties were interested in the property.

NYSTRS was advised on the transaction by ING Clarion. After closing later this month, Brookfield will retain the management and leasing of the property. In 2001, 245 Park received the BOMA/NY award for "Renovated Building of the Year" Staring in 1997, Brookfield redesigned the major entrances and interior features of the building, upgraded building systems, and signed major leases including JP Morgan Chase, Rabobank and Major League Baseball.