HOUSTON-The W.P. Carey-affiliated REIT, Corporate Property Associates 17-Global, has acquired a Brookfield-owned property here for $174.8 million, according to a release from the former owner. The office property spans 1,047,748 square feet. It is currently 99.8% leased, with the majority of space going to Kellogg Brown & Root, Inc (KBR.)
According to a realease from Brookfield, the company sold its 50% interest along with joint venture partner KBR to the REIT.
A second statement from W.P. Carey highlighted executive director Chad Edmonson’s feelings on the transaction: “We are extremely excited to work with a great tenant like KBR as well as complete yet another transaction with an affiliate of Brookfield. In addition, as an important location for KBR it meets our criteria of acquiring critical facilities leased to established corporate tenants on a long term basis. The property’s prime location in Houston’s CBD was also a positive factor in our overall analysis of the investment.”
The office property is located at 601 Jefferson St. in downtown Houston and also has an adjacent 1,500-space garage.