Brookfield Property Partners said on Monday it will acquire the 49% of Brookfield Office Properties

Brookfield Office Properties starts long-awaited Manhattan West deck

Brookfield Office Properties starts long-awaited Manhattan West deck


Brookfield is a Toronto Based Company

Giant machines will soon appear on-site to erect a street-level surface comprised of 16 “bridges.” The deck will occupy 50 percent of the entire site. Friedrich said the platform will be finished in late 2014 and the site will be ready to receive tenants by 2016. He estimated Brookfield’s land and platform costs at a total $700 million. The deck is to be financed with a five-year, $340 million construction loan from a bank consortium including HSBC, Bank of New York Mellon and four others.

Tridel

“Our initial plan was for all offices,” Friedrich said. “But we got excited about residential because the market was so heated. So in our current plan, we replaced what was the third office building with apartments.”Manhattan West was originally to have three office buildings. Now, it will have two of them at the yards’ Ninth Avenue corners of West 31st and 33rd Streets, and a high-rise apartment tower between them and Dyer Avenue.Despite a popular myth that the deck will support the towers, they will actually rise from bedrock at the sites’ corners and in effect be thrust through the platform. But the deck is needed to create a welcoming location for commercial and residential users.

Brookfield Property Partners said on Monday it will acquire the 49% of Brookfield Office Properties it does not already own for US$5-billion in a deal that would consolidate the companies’ US$45-billion in real estate assets. The US$19.34-a-share cash and stock offer, which represents a 15.3% premium over Brookfield Office Properties’ closing price on Friday, drove shares of the target up 13.5% to US$19.03 in midday New York trading. Both companies are subsidiaries of Toronto-based Brookfield Asset Management, which manages about $175 billion in power, property, infrastructure and private equity assets.