Brookfield Office Properties sells majority stake in Texas building

NEW YORK, N.Y. – Brookfield Office Properties Inc. (TSX:BPO) has sold its majority share in an office building in Houston, Texas.

The real estate owner, developer and manager says AEW Capital Management now owns a 90 per cent interest in the Heritage Plaza office building in downtown Houston. Brookfield will continue to hold its 10 per cent stake.

AEW acquired a 41 per cent stake in the building from Brookfield for $118 million, with the remaining 49 per cent coming from an affiliate.

Brookfield acquired the building, which is 98.4 per cent occupied, in December 2010.

Brookfield Office Properties is a New York-headquartered subsidiary of Brookfield Asset Management Inc. (TSX:BAM.A), one of Canada’s largest asset managers. Brookfield Office manages a portfolio comprised of 114 properties totally 85 million square feet in the United States, Australia and United Kingdom.