Brookfield Asset Management (NYSE: BAM) 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.
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