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Brookfield sells NYC office tower stake for $223M; Nevada casino revenues slide


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Brookfield sells NYC office tower stake for $223M; Nevada casino revenues slide

Commercial real estate

* AEW Capital Management paid $223.2 million to acquire a roughly 15% stake in Brookfield Property Partners LP's One New York Plaza in Manhattan, The Real Deal reported, citing sources familiar with the transaction. The deal, made through the buyer's AEW Core Property Trust, values the building at more than $1.4 billion.

In May, China Investment Corp. bought a 49% stake in the office tower for $683.5 million.

* Brookfield Property Partners secured $295 million in refinancing from Wells Fargo for its 52-story office tower at 200 Vesey St. in Manhattan, The Real Deal reported. The refinancing consolidates previous $230 million in loans with $65 million in new loans, the report noted, citing documents filed with the city.

The building, known as 3 Brookfield Place, spans 1.3 million square feet, including about 6,000 square feet dedicated to retail on lower floors.

* An affiliate of Real Capital Solutions bought the Germantown Park center in Memphis, Tenn., for approximately $47.7 million, the Memphis Business Journal reported, citing Shelby County records. The six-building center, which offers 534,800 square feet of class A office space, was bought from DRA CRT Germantown Center LP.

* Broadstone Real Estate LLC-managed Broadtree Residential acquired a 264-unit multifamily community in Tucker, Ga., for $23.5 million. As part of the transaction, Broadtree also took over a $17.1 million Freddie Mac mortgage, maturing in 2023.

The 94.7%-occupied community includes 28 residential buildings.

* The Carnegie Hill Neighbors preservation group plans to appeal a decision allowing DDG to resume construction on one of the tallest towers on the Upper East Side and is willing to go to court to stop the project, according to The Wall Street Journal. Work on the project came to a halt amid accusations that the developer bypassed zoning laws to build a taller building.

* Construction on $396.7 million worth of nonresidential and residential projects started in the Kansas City area, compared to the $160.9 million in November 2015, the Kansas City Business Journal reported, citing Dodge Data & Analytics.

* China Oceanwide Holdings Ltd. is moving forward with its plans for the first Atlantis resort in the U.S. by seeking to demolish a wedding chapel at the Ko Olina Resort in West Oahu, Hawaii, the Pacific Business News reported. The Chinese investor recently purchased about 26 acres for $280 million for the new development.

Atlantis Resort & Residences Ko Olina will offer about 800 hotel rooms and about 524 luxury residences, among other amenities.

After the Bell

* Welltower Inc. completed the sale of 28 long-term and post-acute care facilities, master-leased to Genesis HealthCare Corp., to a joint venture. Welltower also completed the restructuring of two real estate loans to Genesis with an outstanding principal balance of $317.0 million.

* Griffin Capital Essential Asset REIT II Inc. purchased a two-building property encompassing 669,440 square feet on 19.8 acres in Birmingham, Ala., for about $131.6 million.


According to the Nevada Gaming Control Board, the gaming win for nonrestricted casinos in the state dropped 1.47% year over year in November to $930.4 million from $944.3 million.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng rose 0.96% to 22,000.56, while the Nikkei 225 slid 0.16% to 19,114.37.

In Europe, around midday, the Euronext 100 was down 0.04% to 930.40.

On the macro front

The Chicago purchasing managers' index and the Baker-Hughes Rig Count report are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription. Articles and links are correct as of publication time.