Brookfield Office Properties Is An Out Of Favor Real Estate Play
Mike Arnold • 30 Comments
Mike Arnold • 30 Comments
Jun. 26, 2014, 9:05 AM
- Continuing with its streamlining plans, BNY Mellon (BK) will relocate its world headquarters to Brookfield Place (BPO) in Lower Manhattan's Battery Park City, where it will occupy about 350K square feet on seven floors at 225 Liberty Street.
- The 20-year lease agreement follows last month's deal to sell the company's current headquarters at One Wall Street for $585M. That sale is expected to close in Q3.
- Previously: BNY Mellon streamlines organization
May 21, 2014, 3:43 PM
- The Art Deco tower at 1 Wall Street is reportedly being sold to property investor Harry Macklowe for between $500M and $600M, say those close to the matter. Bank of New York Mellon (BK +0.7%) has been considering a move for a while as its need for NYC real estate has been shrinking, and office property values are rising.
- In conjunction with the sale, the company is in talks with Brookfield Office Properties (BPO +0.2%) about leasing more than 400K square feet at 225 Liberty Street.
May 12, 2014, 12:04 PM
- 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.
Apr. 25, 2014, 8:41 AM
- Brookfield Office Properties (BPO): Q1 FFO of $0.27 beats by $0.03.
- Revenue of $582M (-1.4% Y/Y) beats by $16M.
Jan. 31, 2014, 7:30 AM
- Brookfield Office Properties Inc. (BPO): Q4 EPS of $0.22 misses by $0.02.
- Revenue of $595M (+2.8% Y/Y) beats by $24.2M.
Jan. 31, 2014, 12:05 AM
Jan. 30, 2014, 5:30 PM
Jan. 16, 2014, 8:49 AM
- Making a number of changes in its coverage of equity REITs, JPMorgan mostly is taking a shine to the beaten-up sector.
- Upgrades to Overweight: Health Care REIT (HCN), General Growth (GGP), Federal Realty Investment Trust (FRT), EPR Properties (EPR), Douglass Emmett (DEI), Brookfield Properties (BPO), Brandywine Realty (BDN), Avalon Bay (AVB), Apartment Investment & Management (AIV), and STAG Industrial (STAG).
- Downgrades to Neutral: Equity One (EQY), CBL & Associates (CBL), American Campus Communities (ACC).
Dec. 20, 2013, 8:57 AM
- Brookfield Property Partners (BPY) bumps the cash portion of its offer for Brookfield Office Properties (BPO) by $1 to $20.34 per share.
- Brookfield Office shareholders can elect to receive either cash or one share of BPY for each share of BPO they own.
- The BPO board recommends accepting the boosted offer.
- Press release
- BPO +1.4% to $19.61 premarket. BPY closed yesterday at $20.14.
Nov. 26, 2013, 12:19 PM
- The purchase price is $200M and Brookfield Office (BPO -0.9%) will integrate the office building into its adjacent 8M square foot Brookfield Place complex (formerly known as the World Financial Center).
- Along with the closing, NYMEX (CME -0.3%) enters into a 2-year lease for about 449K square feet of the building's office space. At the end of the 2 years, NYMEX will consolidate its space into about half of that amount.
- The sale and downsizing comes as exchanges turn away from the trading floor and to electronic platforms - a move that has brought with it serious glitches.
Nov. 1, 2013, 7:43 AM
- The additional investment will raise Brookfield Property Partners' (BPY) stake in General Growth Properties (GGP) to 32% and boost the total Brookfield consortium investment (includes BAM) over 40%.
- "We believe that the investment will earn a return that exceeds our target range of 12% to 15%," says BPY CEO Ric Clark.
- The investment will be partly funded with the sale of $435M in equity to Investment Corporation of Dubai and other institutional investors, boosting BPY's float by 28%. Still out there is Brookfield's tender for any stock of Brookfield Office Properties (BPO) it doesn't already own.
Oct. 25, 2013, 7:29 AM
- Brookfield Properties (BPO): Q3 FFO of $0.30 in-line. (PR)
Oct. 25, 2013, 12:05 AM
Oct. 24, 2013, 5:30 PM
Oct. 1, 2013, 7:54 AM
Sep. 30, 2013, 10:03 AM
- Those counting their winnings from the Brookfield Property Partners (BPY +1%) offer to Brookfield Office Properties (BPO +15.5%) may want to have a look at another Brookfield offering - Brookfield Canada Office Properties (BOXC).
- SA Pro's Mike Arnold - who nailed it with a bullish call on BPO just days ago - today turns eye to BOXC and also finds it offering considerable value (article embargoed until after the open tomorrow).
Brookfield Office Properties Inc is a commercial real estate company that owns, develops and manages premier office properties in the United States, Canada and Australia.
Industry: Property Management
Country: United States
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