Brookfield Office Properties Inc. (BPO), the owner of downtown New York’s World Financial Center, bought two office towers in Seattle for $210 million, its first acquisition in the West Coast city.
Metropolitan Park East and West, a 700,000-square-foot (65,000-square-meter) complex in downtown Seattle, was purchased with cash and $126 million in financing, New York-based Brookfield said today in a statement. The 20- and 18-story buildings are 85 percent occupied.
“The Seattle market has demonstrated strong fundamentals with positive absorption over the past 18 months,” Dennis Friedrich, global chief investment officer of Brookfield, said in the statement. “Metropolitan Park fits our strategy of owning premier assets in the best-located areas of the top urban markets and presents an opportunity to add diversification to our tenant base within the high-growth technology and social- media sectors.”
Real estate investors have favored purchases of high- quality properties in such U.S. coastal cities as Seattle, which have recovered more quickly after the recession. Brookfield owns office buildings in the U.S., Canada and Australia.
To contact the reporter on this story: Brian Louis in Chicago at email@example.com
To contact the editor responsible for this story: Kara Wetzel at firstname.lastname@example.org