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Brookfield, BofA In Talks Over 4 WFC Stake

NEW YORK CITY-The property manager is negotiations to purchase Bank of America's 49% stake in 4 World Financial Center, according to the Wall Street Journal.

By Jacqueline Hlavenka | Updated on October 17, 2011

NEW YORK CITY-While Brookfield Office Properties Inc. has been thrust into the spotlight over the Occupy Wall Street protests in Zuccotti Park, the company is also in talks to up its stake in the World Financial Center, media reports say. The Wall Street Journal reported that Brookfield is negotiating a deal with Bank of America Corp. to purchase the firm’s 49% stake in 4 World Financial Center, a transaction that would make Brookfield the full owner of the 34-story, two million-square-foot office tower, unnamed sources say.

The deal comes on the heels of BofA’s decision to keep more than one quarter of the 2.7 million square feet of space in the building that the company inherited when it purchased Merrill Lynch, the sources told the WSJ. The 750,000-square-foot lease is signed, but in escrow, the article notes.

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