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Brookfield Hands Over Keys to Water Tower Place
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.
- ◦Financing


