Stroock Real Estate Group Advises Institutional Investor Group Led by JP Morgan in Sale of Houston Center to Brookfield Property Partners
NEW YORK (December 5, 2017) – Stroock has represented a group of institutional investors advised by JP Morgan Asset Management in the sale of Houston Center to Brookfield Property Partners.
The transaction includes 4.2 million square feet of office and retail space in buildings spanning 9.2 acres. The properties covered by the deal include the 46-story LyondellBasell Tower, the 51-story Fulbright Tower and the 40-story 2 Houston Center, 4 Houston Center and Shops at Houston Center. Brookfield is the largest commercial landlord in Houston, controlling more than 12 million square feet of commercial space.
Stroock real estate partner Steven Moskowitz led the deal team on behalf of JP Morgan, assisted by associates Danielle Grunwald and Stephen Brown.
Commenting on the importance of the transaction for the Houston Chronicle, a spokesperson for Brookfield noted that the combined buildings have a “stellar tenant roster” and that Brookfield intends to upgrade infrastructure, amenities and other features, including skybridges, lobbies and plazas. JP Morgan Asset Management had owned the complex since 2011.
Stroock provides strategic transactional, regulatory and litigation advice to advance the business objectives of leading financial institutions, multinational corporations and entrepreneurial businesses in the U.S. and globally. With a rich history dating back 140 years, the firm has offices in New York, Los Angeles, Miami and Washington, DC.