Th sale of a 50% interest to MetLife (MET +1.4%) values the Republic Plaza office building at $480M. Brookfield (BPO) will retain management and leasing responsibilities. Net proceeds to Brookfield are about $98M.
The property is 95.2% leased with a weighted average remaining lease term of six years. The two largest tenants - Encana Gas & oil and DCP Midstream - occupy just less than 50% of the space.