{"id":1004097025,"date":"2014-05-21T14:16:43","date_gmt":"2014-05-21T22:16:43","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=263780"},"modified":"2022-12-09T02:17:53","modified_gmt":"2022-12-09T10:17:53","slug":"brookfield-office-properties-inc-sells-50-percent-stake-in-denvers-tallest-building-to-metlife-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brookfield-office-properties-inc-sells-50-percent-stake-in-denvers-tallest-building-to-metlife-2\/","title":{"rendered":"Brookfield Office Properties Inc. Sells 50 Percent Stake in Denver\u2019s Tallest Building to MetLife"},"content":{"rendered":"

By Gabriel Circiog, Associate Editor<\/em><\/p>\n

Brookfield Office Properties Inc. recently announced it has sold a 50 percent stake in the Republic Plaza office building and entered into a 50\/50 joint venture partnership with MetLife on the office tower in a transaction valuing the property at $480 million. Net proceeds to Brookfield are around $98 million. Brookfield will retain management and leasing responsibilities at the property. \"\"<\/a><\/p>\n

\u201cBrookfield looks forward to its continued ownership and operation of Republic Plaza and our newly formed joint venture with MetLife,\u201d says Mark Brown, global chief investment officer of Brookfield Office Properties. \u201cOur investments in the thriving Denver central business district continue to perform extremely well.\u201d<\/p>\n

At 56 stories in height, Republic Plaza is the tallest building in Denver. Built in 1984 and designed by Skidmore, Owings & Merrill, the skyscraper features 1,279,000 square feet of office space, 48,000 square feet of retail space and 511 parking spaces. The building is currently 95.2 percent leased with a weighted average remaining lease term of six years in place. The two largest tenants in the building located at 370 17th Street in Denver are Encana Gas & Oil and DCP Midstream. The two companies occupy just under 50 percent of the tower\u2019s office space, with leases that expire only in 2019 and 2023, respectively.<\/p>\n

\u201cRepublic Plaza is a trophy office tower in a core real estate market,\u201d says Robert Merck, senior managing director and global head of real estate for MetLife. \u201cBrookfield is an experienced and successful owner and operator of office properties and we are looking forward to expanding our partnership with them.\u201d<\/p>\n

Brookfield also owns and operates Denver\u2019s second tallest building, 1801 California Street. The company recently completed a $50 million renovation program of the tower which included a new entrance plaza, interior lobby and restaurant.<\/p>\n

Photo Courtesy of: www.brookfieldofficeproperties.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Brookfield Office Properties Inc. recently announced it has sold a 50 percent stake in the Republic Plaza office building and entered into a 50\/50 joint venture partnership with MetLife on the office tower in a transaction valuing the property at $480 million. Net proceeds to Brookfield are around $98 million. Brookfield will retain management and leasing responsibilities at the property.<\/p>\n","protected":false},"author":264,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1587,21742],"tags":[1815],"class_list":["post-1004097025","post","type-post","status-publish","format-standard","hentry","category-denver","category-latest","tag-national"],"acf":[],"yoast_head":"\nBrookfield Office Properties Inc. 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Net proceeds to Brookfield are around $98 million. 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