Brookfield Asset Management Co.'s Real Estate Opportunity Fund'sacquisitions team had determined the class A office buildings at201 N. Central Ave. in Phoenix and 1111 Fannin St. in Houstonweren't an integral part of the strategic mission. "From anopportunity fund perspective, there was no work to be done on thesetwo assets," a spokeswoman for the Toronto-based Brookfield, tellsGlobeSt.com. "And, it was thought they would be a better fit insomeone else's portfolio."
Brokers, who asked to remain anonymous, say both buildings sharemany characteristics, including their construction in the early1970s and long-term leases with JPMorgan Chase as the lead tenant.The local sources confirm that both assets traded at cap ratessouth of 5.5%.
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