|By Marketwired .||
|May 12, 2014 11:01 AM EDT||
NEW YORK, NY -- (Marketwired) -- 05/12/14 -- Brookfield Office Properties Inc. (NYSE: BPO) (TSX: BPO) today announced that it has entered into a 50/50 joint venture partnership with MetLife on the Republic Plaza office building in Denver. Brookfield, which will retain management and leasing responsibilities at the property, had previously owned the building outright and sold a 50% stake to MetLife in a transaction valuing the property at $480 million. Net proceeds to Brookfield are approximately $98 million.
Republic Plaza is 95.2% leased with a weighted average remaining lease term of six years in place. The building's two largest tenants, Encana Gas & Oil and DCP Midstream, occupy just under 50% of the tower's office space, with leases that do not expire until 2019 and 2023, respectively.
"Brookfield looks forward to its continued ownership and operation of Republic Plaza and our newly formed joint venture with MetLife," said Mark Brown, global chief investment officer of Brookfield Office Properties. "Our investments in the thriving Denver central business district continue to perform extremely well."
"Republic Plaza is a trophy office tower in a core real estate market," said Robert Merck, senior managing director and global head of real estate for MetLife. "Brookfield is an experienced and successful owner and operator of office properties and we are looking forward to expanding our partnership with them."
At 56 stories in height, Republic Plaza is Denver's tallest building. Brookfield also owns and operates the city's second tallest building, 1801 California Street, where the company recently completed a $50 million renovation program including a new entrance plaza, interior lobby and signature restaurant.
About Brookfield Office Properties
Brookfield Office Properties owns, develops and manages premier office properties in the United States, Canada, Australia and the United Kingdom. Its portfolio is comprised of interests in 113 properties totaling 88 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, Ottawa, London, Sydney, Melbourne and Perth, making Brookfield the global leader in the ownership and management of office assets. Landmark properties include Brookfield Places in Manhattan, Toronto and Perth, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary and Darling Park in Sydney. The company's common shares trade on the NYSE and TSX under the symbol BPO. For more information, visit www.brookfieldofficeproperties.com.
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