IN-DEPTH: Brookfield enters into JV with MetLife on Denver office property
Brookfield Office Properties has entered into a 50-50 joint venture partnership with MetLife Real Estate Investors for the ownership of the Republic Plaza office building in Denver.
Brookfield, which will retain management and leasing responsibilities at the property, had previously owned the building outright. The firm sold a 50 percent stake to MetLife in a transaction valuing the property at $480 million, or $371 per square foot. Net proceeds to Brookfield are approximately $98 million. JLL represented the seller.
Republic Plaza is a trophy office tower in a core real estate market. It was built in 1984. At 56 stories high, Republic Plaza is Denver's tallest building and current