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Brookfield Office enters venture with AEW Capital for Houston's Heritage Plaza

Brookfield Office Properties announced that it has entered into a joint venture partnership with AEW Capital Management on the Heritage Plaza office building in downtown Houston. AEW has purchased a 90% interest in the venture; Brookfield will maintain a 10% interest and will continue its leasing and property management responsibilities at the building. AEW acquired the interest on behalf of the AEW Core Property Trust, an open-end real estate fund. Brookfield acquired Heritage Plaza in December 2010 in a deal that valued the building at $286 per leasable square foot. Net proceeds to Brookfield Office Properties, which sold a 41% interest in the property upon formation of the joint venture with AEW, total approximately $118M. The remaining 49% interest sold to AEW was owned by an affiliate.