Commercial real estate company Brookfield Office Properties has sold Newport Tower in New Jersey, The Wall Street Journal reports. Real estate equity fund Multi-Employer Property Trust has acquired the office building for $377.5 million.
Brookfield had originally acquired the Jersey City tower in 2006, along with Blackstone Group, as part of a $7.6 billion takeover of the office property owner Trizec. The company is also purchasing a 49 percent stake in the 4 World Financial Center tower in Lower Manhattan.
Click here for the story from The Wall Street Journal.