Thursday, October 05, 2006

Chase sells downtown Milwaukee tower

The Business Journal of Milwaukee - 10:13 AM CDT Thursday

J.P. Morgan Chase & Co. has sold the Chase Tower in downtown Milwaukee to a Canadian real estate investment firm as part of a large portfolio that it sold for $460 million.

Various affiliates of the New York City financial corporation (NYSE: JPM) sold 5.3 million square feet in 33 commercial properties in 10 states to the Brookfield Real Estate Opportunity Fund of Brookfield Asset Management Inc., Toronto.

Brookfield Asset Management did not disclose a price for the 450,000-square-foot, 22-floor Milwaukee building, which was assessed at $34 million in 2006.

J.P. Morgan's banking subsidiary, JP Morgan Chase Bank N.A., has signed long-term lease agreements for significant portions of the space.

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