Brookfield Office Properties Inc. , a real estate investment trust (REIT), has recently announced the acquisition of two office towers named Metropolitan Park East & West, in the Seattle central business district. Brookfield shelled out $210 million to acquire the 700,000 square-foot Class A office campus, of which $126 million came from the earlier obtained financing facility and the balance from its own cash reserves.
The two Metropolitan Park towers are 20 and 18 stories, respectively, and have a parking space for 867 cars. The towers are combined 85% leased and enjoy an excellent location advantage adjacent to Interstate 5 and the South Lake Union submarket.
This acquisition is beneficial to Brookfield as the Metropolitan towers are located in the strong Seattle market, which is home to a large number of technology and science companies with a highly skilled work force. The acquisition is also in line with Brookfield's policy of owning premium properties in top urban markets with tenant diversification in the technology and social media sector.
Based in New York, Brookfield owns, develops and manages premier office properties in the United States, Canada and Australia. It also provides ancillary real estate service businesses, such as tenant service and amenities.
The company invests in high growth and high-barrier-to-entry markets, with its main focus on the creation and sustainability of growing streams of cash flow.
Brookfield currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We also have a long-term Neutral recommendation on the stock. One of its competitors, Core Site Realty Corporation (COR - Free Report) holds a Zacks #2 Rank which translates into a short-term Buy rating.