Brookfield Sells 40-Story Boston Building for $610 Million

Brookfield Office Properties Inc. sold a 40-story building in Boston for $610 million as it seeks to reinvest capital in properties with growth potential.

UBS AG (UBSN) purchased the office tower, located at 53 State St. in the city’s financial district, said Peter McKillop, a New York-based spokesman for the Zurich-based bank. Brookfield didn’t identify the buyer in its statement today.

“This disposition continues our active capital recycling program in which we have sold $682 million of net assets over the last 12-plus months,” Dennis Friedrich, the New York-based company’s president and global chief investment officer, said in the statement.

Brookfield, which had stakes in 111 properties at the end of the third quarter, has been both buying and selling as it seeks to move capital to buildings with the potential for increases in rental income. It acquired a stake in 1801 California St., Denver’s second-tallest building, earlier this month, and sold Newport Tower in Jersey City, New Jersey, in October for $377.5 million. That was the most ever paid for a single New Jersey office property, according to Brookfield.

To contact the reporter on this story: David M. Levitt in New York at dlevitt@bloomberg.net

To contact the editor responsible for this story: Daniel Taub at dtaub@bloomberg.net

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