Brookfield Properties Sell Atrium on Bay in Toronto for $250-million

Brookfield Properties Corp. and its Canadian-based subsidiary has sold the Atrium on Bay retail and commercial property in downtown Toronto for $250-million. In addition, Brookfield and its BPO Properties Ltd. unit announced late Monday the disposal of an Ottawa property for $25-million. Atrium on Bay, in which BPO Properties has a 50 per cent stake, was bought by a subsidiary of Hines Real Estate Investment Trust Inc., a U.S.-based property owner. Meanwhile, BPO Properties also sold two buildings on Walkley Road in Ottawa for about $25-million to El-Ad Capital Fund Inc. BPO Properties owns 25 per cent of the properties. “We are pleased to be able to take advantage of favourable economic conditions to dispose of non-core assets, the proceeds from which will be redeployed in line with our long-term goals for growth,” said Tom Farley, president and CEO of BPO Properties. Brookfield is one of North America's largest commercial real estate companies, with 113 office properties in the downtown cores of New York, Boston, Washington, D.C., Los Angeles, Houston, Toronto, Calgary and Ottawa. Landmark buildings include the World Financial Center in Manhattan, BCE Place in Toronto, Bank of America Plaza in Los Angeles and Bankers Hall in Calgary. BPO, which owns First Canadian Place in the heart of the Bay Street business district in downtown Toronto, is 89 per cent owned by Brookfield Properties, a company controlled by the former Brascan Corp. now known as Broofield Asset Management.