HOUSTON-The addition of the 1.2-million-square-foot HeritagePlaza to Brookfield Properties Corp.’s local portfolio means thecompany will be able to facilitate and accommodate existing tenantgrowth more than ever before.

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

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