Brookfield's Trading Block Just Got Another Billion-Dollar Asset
Brookfield Property Partners just put a billion-dollar asset up on the trading block alongside its $1.5B Putnam portfolio.
The firm has hired a Darcy Stacom-led CBRE team to market the 1.8M SF, 45-story 245 Park Ave (pictured) for more than $2.1B ($1,200 per SF), The Real Deal reports.
The tower has 68k SF of retail and floor plates ranging from 36k to 76k SF. Tenants include Heineken, Angelo Gordon & Co, Wisdom Tree Investment and, for now, Major League Baseball, which is moving to 1271 Sixth Ave.
Brookfield acquired the asset in 1996 after acquiring Olympia & York Developments. Originally worth $400M, the tower received a boost in value in 2000, when JP Morgan Chase and Bear Stearns signed two 20-year leases totaling 800k SF. It also received an $800M refinancing from the Bank of China in 2010, which was increased to $1B last year.
Brookfield owns a 51% stake in the tower. New York State Teachers’ Retirement System holds the rest after paying $438M in 2003. [TRD]
