Toronto-based Redcliff Realty Advisors Inc. advised the undisclosed buyers in the transaction. Exchange Tower is home to the Toronto Stock Exchange and several other major Canadian financial services companies.
"This sale of a half interest in the Exchange Tower is a continuation of our strategy to proactively manage assets and surface value, and then seek high quality institutional partners who can participate in the stable future growth and upside in the assets with us," states David Arthur, president and CEO of Brookfield's Canadian operations. "The property was acquired in 1997, refinanced in 1999 for [an amount] in excess of the purchase price, demonstrating the significant value created through active portfolio management."
Brookfield, with offices in New York and Toronto, has $8 billion in assets. The company's portfolio includes 50 commercial properties and development sites totaling 45 million sf and over 120 million sf of space under management.
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