Brookfield Buys 16 Office Properties from JP Morgan Chase
The Brookfield Real Estate Opportunity Fund (BREOF) acquired a 16-property, 2.9m square foot portfolio from JP Morgan Chase (JPM). BREOF - a group of funds with $1.8bn of office, industrial and multifamily assets under management - is sponsored by global asset manager Brookfield Asset Management (BAM). A spokesperson for Brookfield could not return calls for comment on the dollar amount involved in the transaction before this story was published. According to a press release, JP Morgan is leasing back approximately 60% of the space in the 16-property portfolio on a long-term basis as part of the sales transaction. It marks the latest acquisition in more than 100 properties BREOF bought from JP Morgan over the last four years, containing about 12m square feet of space. “We are excited about the opportunity to add significant value to the portfolio and are proud of our strong relationship with the Bank,” said BREOF president and managing partner David Arthur. The portfolio includes four properties at least 100% net-leased to JP Morgan. The properties are located in Dallas, Tampa and Columbus. The other properties are located throughout the country, including an 800,000-square foot office tower in Houston, Texas and a 650,000-square foot office campus/data center site in Whippany, New Jersey. Write to Diana Golobay. Disclosure: The author holds no relevant investment positions.