According to a source not directly involved with the deal butknowledgeable about the transaction, the Toronto-based Brookfieldalways planned to sell both Louisiana buildings, which were builtin the early 1980s. The source tells GlobeSt.com that buyer FloridaStreet Holdings plans to hold the assets long term.

Charles Colvin, an agent with Beau Box Commercial Real Estate inBaton Rouge, says that Chase Tower South at 451 Florida St. haslong-term tenants JP Morgan Chase and Albemarle Corp. in residence."The purchase price was well below replacement costs for similarbuildings in the Downtown Baton Rouge market," adds Colvin, who wasuninvolved with the transaction. Colvin says that downtown BatonRouge has a short supply of class A office space, making ChaseTower South a popular asset among potential investors.

While Chase Tower South will provide the buyer with long-termincome, Chase Bank Building in downtown Alexandria at 400 MurraySt., provides upside opportunity. "There's a definite lease-upopportunity there," says the source, who adds that the new ownerwill likely renovate the 30%-occupied building. "A small portion isoccupied by Chase Bank right now, but once this is renovated, itshould attract more tenants," the source says.