RCA in the commercial property press:

2006 Houston Investment Pays Off Big for Brookfield Office Properties

Bloomberg reports: The latest deal to illustrate the extent of the recovery for select property types and markets is one that recently took place in Houston, TX. Just as the first half of 2011 comes to a close, Brookfield Office Properties Inc announced that it has sold Four Allen Center -- its 50-story tower at 1400 Smith Street -- to Chevron Corp for $340 million. Real Capital Analytics Managing Director Dan Fasulo described the sale as a “coup” for Brookfield, who originally paid $120 million for the office property in 2006 at the peak of the former investment cycle.

Bloomberg quotes Brookfield CEO Richard Clark as stating that, “This sale is reflective of our ongoing strategy of recycling capital from mature assets into more accretive opportunities.” The firm does not appear to be cutting bait on Houston, however, as late last year Brookfield purchased Heritage Plaza for $322 million.

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Posted by: Nina Turner

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