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| March 30, 2007
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| CHASE TOWER SELLS FOR $166.935 MILLION TO CRYSTAL RIVER CAPITAL IN NEW YORK
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| Phoenix – Crystal River Capital Inc. in New York City (NYSE:CRZ, Clifford Lai, CEO) paid $166.935 million ($222 per foot) to acquire the 750,000-square-foot Chase Tower located at 201 N. Central Avenue in Phoenix. The seller was a company formed by the Brascan Real Estate Opportunity Fund in Toronto, Ontario, Canada. JP Morgan Chase & Co. leases about 80 percent of the property, which was built in 1972. The 40-story building is the Valley’s tallest office structure. Last October, BREW reported J.P. Morgan Chase selling the project to the Brascan fund for $103+ million ($137.50 per foot). The Phoenix office tower was part of a 5.3 million-square-foot portfolio of commercial properties that JP Morgan Chase sold to the Brascan fund in a $460 million deal. JP Morgan Chase continues to lease the office properties and banking centers. Crystal River Capital is a publicly-traded real estate investment trust (REIT). The investment is the first in the Valley for the company. Crystal River Capital is externally managed and advised by Hyperion Brookfield Crystal River Capital Advisors LLC, a wholly-owned subsidiary of Hyperion Brookfield Asset Management Inc. Hyperion Brookfield is a wholly-owned subsidiary of Brookfield Asset Management in New York (NYSE:BAM). The seller of Chase Tower, The Brascan Real Estate Opportunity Fund, was established in 2004 by Brookfield Asset Management. Learn more from Lai at (212) 549-8400. Michael Speer is the contact at Brascan . . . call him at (416) 359-8552. |
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