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Brookfield Sells Pair of Assets for $92M

TORONTO-GE Real Estate buys the Midtown office buildings, but flips one immediately for more than $26 million.

By Joe Clements | Updated on September 26, 2007

TORONTO-After securing a majority portion of the Dundee REIT’s Eastern Canadian portfolio this summer for $2.4 billion, including a quartet of assets here, GE Real Estate has completed its $91.6-million purchase of two Midtown office buildings. The Stamford, CT-based firm immediately shed one of the properties, both of which are located on St. Clair Avenue West.

GE opted to retain 2 St. Clair Ave. West, a 21-story, 232,000-sf tower that opened in 1965. Following the flip of 40 St. Clair Ave. West to Stockton & Bush Property Management for $26.3 million, GE essentially paid $281 per sf to secure 2 St. Clair Ave. West. Company officials explained that the seller, Brookfield Properties, preferred to divest the buildings to one buyer.

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