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TORONTO-Brookfield Asset Management has bought from JPMorgan Chase & Co. a 5.3-million-sf portfolio of commercial properties across the US for $460 million. The portfolio comprises 33 properties and banking centers located in 10 cities primarily in the Midwest, including Chicago, Phoenix, Dallas, Milwaukee and Baton Rouge.

The portfolio includes the following properties: 300 South Riverside Plaza in Chicago (1 million sf of offices): the 750,000-sf Chase Tower in Phoenix (the tallest building in Arizona); and the 450,000 sf Chase Tower in Milwaukee. As part of its continuing operations, JP Morgan Chase Bank has signed long-term lease back agreements for significant portions of the space.

“The acquisition represents the largest transaction for the Fund to date,” says David Arthur, president and CEO of Brookfield Real Estate Opportunity Fund. “Our long-term lease-back agreement with JPMorgan Chase as our major tenant ensures a stable cash flow stream. In addition, we are well-positioned to create value by asset managing the portfolio, repositioning underutilized space and maximizing revenue through lease-ups and managing expenses.”

Brookfield Asset Management has more than $50 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM.

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