Brookfield Property Partners is handing over the keys to its Water Tower Place shopping mall on North Michigan Avenue, Crain’s Chicago Business reported. New York-based Brookfield is transferring ownership to MetLife Investment Management, a unit of lender MetLife.
“Water Tower Place is a high-quality real estate asset that is well-positioned in the Chicago market,” a MetLife Investment Management spokesman told Crain’s. “We look forward to discussing the future of this iconic shopping destination with our clients and other key stakeholders.”
The handover occurs a year after Water Tower Place lost Macys, its largest tenant. When Macys decided to exit, Brookfield planned a makeover of the 47-year-old mall, but more recently scrapped the plan, reported Crain’s.
UBS Trumbull, Brookfield’s former partner in Water Tower, acquired its stake in 2013, when the property was valued at $819 million. That had fallen to $394 million by the time Brookfield bought out UBS’ stake.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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