Brookfield Acquires 100% Leasehold Interest in 666 Fifth Avenue’s Office Condominium
03 Agosto 2018 - 4:11PM
Brookfield Asset Management (“Brookfield”) (NYSE: BAM; TSX: BAM.A;
Euronext: BAMA) today announced it has acquired a 100% leasehold
interest in 666 Fifth Avenue’s office condo, a
1.5-million-square-foot building in Midtown Manhattan, through one
of its real estate investment funds. Brookfield Properties will
operate the building and plans a major redevelopment program to
upgrade it.
“With its ‘Main and Main’ location, direct
transportation access and currently unrefined physical
characteristics, 666 Fifth Avenue has the potential to be one of
New York City’s most iconic and successful office properties,” said
Ric Clark, Senior Managing Partner and Chairman, Brookfield
Property Group. “Given Brookfield’s experience in successfully
redeveloping and repositioning major office assets in New York and
other cities around the world, we are well placed to capitalize on
that opportunity.”
The term of Brookfield’s 100% leasehold interest
in the office condominium, acquired from the Kushner Companies,
will be 99 years.
Financial terms of the transaction were not
disclosed.
Brookfield owns and operates more than 275
office buildings worldwide, with approximately $160 billion in
real estate assets under management.
Brookfield Asset Management
Inc. is a leading global alternative asset manager with
approximately $285 billion in assets under management. The company
has more than a 115-year history of owning and operating assets
with a focus on real estate, renewable power, infrastructure and
private equity. Brookfield offers a range of public and private
investment products and services, and is co-listed on the New York,
Toronto and Euronext stock exchanges under the symbol BAM, BAM.A
and BAMA, respectively. For more information, please visit our
website at www.brookfield.com.
Brookfield Properties is a
premier real estate operating company that provides integrated
services across the real estate investment strategies of Brookfield
Asset Management. Brookfield’s global investing expertise and
access to large-scale capital, combined with Brookfield Properties’
well-established position as the commercial landlord of choice in
many of the world’s most dynamic markets, provides a unique
advantage. It also assures premier-quality commercial premises and
optimal outcomes for our tenants, business partners and the
communities in which we operate. Our vertically integrated real
estate capabilities are established in each of Brookfield’s target
sectors and regions around the globe, ensuring that our assets are
managed to maximize the tenant experience, with a focus on
integrating new real estate technologies that keep us at the
forefront of innovation and sustainability. For more information,
visit brookfieldproperties.com.
Brookfield Contacts:
Suzanne FlemingCommunications(212)
417-2421suzanne.fleming@brookfield.com
Matt CherryInvestor Relations & Communications(212)
417-7488matthew.cherry@brookfield.com
Forward-Looking Statements
Note: This news release contains
“forward-looking information” within the meaning of Canadian
provincial securities laws and “forward-looking statements” within
the meaning of Section 27A of the U.S. Securities Act of 1933, as
amended, Section 21E of the U.S. Securities Exchange Act of 1934,
as amended, “safe harbor” provisions of the United States Private
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Although we believe that our anticipated future
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Factors that could cause actual results to
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forward-looking statements include, but are not limited to: the
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ability to complete and effectively integrate acquisitions into
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We caution that the foregoing list of important
factors that may affect future results is not exhaustive. When
relying on our forward-looking statements, investors and others
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any forward-looking statements or information, whether written or
oral, that may be as a result of new information, future events or
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This release does not constitute an offer of any
Brookfield fund.
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