Brookfield buys Houston icon for $120m, leases to Chevron.HOUSTON, TX: Brookfield Properties Brookfield Properties Corporation TSX: BPO NYSE: BPO is a Toronto-based North American commercial real estate company. Brookfield Asset Management owns 50% of its outstanding common shares. Corporation announced that it has acquired Four Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Center, a 1.2 million square foot property located at 1400 Smith Street in downtown Houston Downtown Houston is Houston's largest business district. In terms of office square footage, it is the seventh largest in the United States. Downtown Houston contains the headquarters of many prominent companies. , for $120 million. In addition, Brookfield Properties announced that it has signed a lease with Chevron U.S.A., Inc., a subsidiary of Chevron Corp., for the entire property, thereby bringing Four Allen Center to 100% leased. "This lease is a continuation of Chevron's strategy to reduce the number of facilities in the Houston area while achieving strategic collocation collocation - co-location requirements," said Patty Loden lo·den n. 1. A durable, water-repellent, coarse woolen fabric used chiefly for coats and jackets. 2. A deep olive green. , general manager, Chevron Business and Real Estate Services. "This acquisition underscores our confidence in the long-term viability of energy sector markets such as Houston and Calgary," said Ric Clark, president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Brookfield Properties. "The expansion and consolidation of one of the world's most prestigious corporations, Chevron, into all of Four Allen Center is a great example of Houston's strong energy-based market on the rise." Brookfield Properties will hold Four Allen Center in a joint venture with The Blackstone Group Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. The company is based in New York City, in River House on Park Avenue at Fifty-first Street, with offices in Atlanta, , a private equity firm. Through the acquisition of Trizec, completed earlier last week, the Brookfield Properties joint venture acquired seven other central business district assets, making it the largest office owner in downtown Houston with holdings of 7.4 million square feet. In February 2006, Chevron signed a new lease for 465,000 s/f at Continental Center I, 1600 Smith Street, currently owned by the Brookfield Properties joint venture. The lease transaction was negotiated by Paul Layne, Paul Frazier, Steven Lukingbeal, Jeremiah Larkin and Duncan McCuaig for the landlord. Steve Koliba, leasing manager for Chevron Business and Real Estate Services, and Tim Relyea of Cushman & Wakefield represented Chevron. An icon of the Houston skyline, Four Allen Center is a 50-story, 1.2 million square foot, Class A office building that was developed in 1983.11 |
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