The buildings total 1.2 million sf and are 100% leased for 15 years on a triple-net basis. JPMorgan Chase, the main tenant of both buildings, will continue to occupy their sites after the transaction closes.
In a separate transaction, the New York City-based Crystal River acquired a $28.5-million investment in BREF One LLC, a real estate fund sponsored by Brookfield Asset Management. BREF One is used to acquire high-yield commercial real estate product primarily in the US. Crystal River's unfunded capital commitment to the fund is approximately $10.4 million.
"Both of these transactions, which were sourced and underwritten for Crystal River by Brookfield Asset Management, are consistent with the company's focus on increasing its commercial real estate exposure. These are high-quality acquisitions that we believe will be immediately accretive to our stockholders and reflect the benefit of our association with Brookfield's operating platforms," says Clifford Lai, Crystal River's president and CEO, in a statement.Calls to Crystal River and Brookfield Management were not returned by press time.
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