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Chase buildings sold for second time this year
By Staff Report
Tampa Bay Business Journal
Published: May 24, 2010

An affiliate of investment firm W.P. Carey & Co. LLC purchased two buildings in the Westshore area that are leased by JPMorgan Chase N.A.

CPA:17-Global, one of W.P. Carey's publicly held non-traded REIT affiliates, bought the buildings from Brookfield Real Estate Opportunity Group, an affiliate of Brookfield Asset Management, a release said. The purchase price was not disclosed.

Brookfield had bought the buildings at Two Independence Parkway from JPMorgan Chase in February for $43.5 million, according to Hillsborough County official records.

JPMorgan Chase (NYSE: JPM) has a long-term lease on the buildings, which total about 312,000 square feet, the release said.

The assets meet W.P. Carey's criteria of investing in income-generating properties leased to established corporate tenants on a long-term basis, Jason Fox, managing director, said in the release.

The deal follows an earlier transaction between W.P. Carey (NYSE: WPC), an investment management company headquartered in New York, and Brookfield. In February, W.P. Carey bought a 386,000-square-foot operations center in Dallas leased to JPMorgan Chase from Brookfield.



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