HOUSTON-The addition of the 1.2-million-square-foot Heritage Plaza to Brookfield Properties Corp.’s local portfolio means the company will be able to facilitate and accommodate existing tenant growth more than ever before.

“In the past when our tenants have wanted to expand, we have been successful in being able to relocate them within our portfolio,” says Paul Layne, executive vice president and regional head of Brookfield Office Properties’ Houston operations. “Recently, however, we’ve had situations where tenants needed to expand, and we couldn’t accommodate them because our buildings are occupied. Adding another building to our portfolio will help keep our customers growing.”

Brookfield acquired the 53-story trophy office property for a gross purchase price of $325 million from Goddard Investment Group LLC. It received $3.5 million in closing credits, reducing the overall capital outlay to $321.5 million. The acquisition was financed using the company’s available liquidity and a $200 million fixed-rate, 4.97% loan maturing in January 2023.