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Brookfield Picks Up Chase Portfolio for $450M

TORONTO-Brookfield Asset Management's new package of mixed-use assets total 5.3 million sf.

By Anita Howarth | Updated on October 04, 2006

TORONTO-Brookfield Asset Management has bought from JPMorgan Chase & Co. a 5.3-million-sf portfolio of commercial properties across the US for $460 million. The portfolio comprises 33 properties and banking centers located in 10 cities primarily in the Midwest, including Chicago, Phoenix, Dallas, Milwaukee and Baton Rouge.

The portfolio includes the following properties: 300 South Riverside Plaza in Chicago (1 million sf of offices): the 750,000-sf Chase Tower in Phoenix (the tallest building in Arizona); and the 450,000 sf Chase Tower in Milwaukee. As part of its continuing operations, JP Morgan Chase Bank has signed long-term lease back agreements for significant portions of the space.

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