The 100 Bishopsgate property, in the heart of the city and close to Liverpool Street Station, currently has 252,000-square-feet of office leasing. The site yields about $11 million of net operating income, according to a Brookfield statement.
Great Portland has already gained permission from the city for another 820,000 square feet to be added to the site, which would include office, a public library and new Livery Hall space. The JV will submit a revised planning application in 2010 that may include revisions to the plan, to be followed by development.
Under the terms of the agreement, Brookfield will manage construction and development, including the initial lease-up of the new properties. "Combining GPE's local expertise and reputation with Brookfield's construction and development skills and global tenant relationships, make this an exciting and compelling opportunity," said Ric Clark, CEO of Brookfield Properties, in the statement. A company spokesman declined to comment further on the plans.
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