Brookfield, AEW Partner Up In $118M-Plus Houston Tower Deal

Law360, New York (February 20, 2014, 2:39 PM EST) -- Brookfield Office Properties Inc. has entered into a joint venture with AEW Capital Management LP for ownership of the Heritage Plaza office building in downtown Houston, with AEW purchasing a 90 percent interest in a deal worth more than $118 million, Brookfield announced Wednesday.

Brookfield will maintain a 10 percent interest in the 1.15 million-square-foot tower, having sold a 41 percent interest in the property to AEW in connection with the new joint venture.

That transfer netted Brookfield about $118 million, but the amount of the...
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