New York office owner Brookfield Properties Corp. has acquired Lehman Brothers’ 51% interest in Three World Financial Center for $158 million. 3 WFC is also the world headquarters for co-owner American Express.
The 52-story, 2.1 million sq. ft. tower in Lower Manhattan is one of four towers in the 8 million sq. ft. World Financial Center complex. Brookfield also owns 100% of Towers One and Two and 51% of Tower Four.
"The addition underscores our strong commitment to Lower Manhattan," said President and CEO Ric Clark in a statement.
He added that the acquisition will allow Brookfield to play a major role in the redevelopment of the World Financial Center, which was damaged in the attack on the nearby World Trade Center. The purchase also allows the firm to capitalize on the rental rate differential between Midtown and Lower Manhattan, according to Clark.