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Brookfield Property buys Houston Center mixed-use complex

Brookfield Property Partners LP completed its acquisition of the four-building, mixed-use Houston Center from institutional investors advised by JPMorgan Asset Management Ltd., the Houston Business Journal reported.

In June, HFF Inc. began marketing the downtown property, for which Brookfield reportedly struck a deal in September for $875 million.

The 4.2 million-square-foot asset comprises the 51-story Fulbright Tower, the 46-story Lyondell Basell Tower, the 40-story 2 Houston Center and the 16-story 4 Houston Center, along with a three-story, 196,000-square foot retail space dubbed The Shops at Houston Center.

Brookfield engaged Transwestern to oversee leasing at the office and retail complex, which sits on 9.2 acres and is 72% occupied, according to the Dec. 4 report.