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Brookfield Properties Corp. (NYSE:BPO) has bought the minority stake in some of its prime Boston real estate holdings.

It snaped up the remaining 49% of 53 and 75 State Street properties, whose tenants include Fidelity (NYSE:FNF) and BCG (BCGI), in beantown’s financial district.

“The purchase is a reflection of Brookfield’s confidence in the strength of the Boston’s office market, and Brookfield’s ability to add value to two assets that have consistently outperformed the market,” writes Blackmont Capital analyst Gail Misfud.

It’s not specifically mentioned in the note, but Brookfield is hovering just above its 52-week low of C$17.80 on the TSX, and was trading at around C$17.98 on Friday morning.

Ms. Misfud maintained her C$30 target on the stock, and called it a “strong defensive play” because of the strength of its portfolio.

Source: Brookfield Properties: Strong Defensive Play