Brookfield Office Properties Sells 1400 Smith Street in Houston to Full-Building Tenant Chevron

Brookfield Office Properties BPO today announced the sale of the office tower at 1400 Smith Street in Houston to Chevron, 1400 Smith's full-building tenant, and a 311,000-square-foot lease renewal with Chevron for seven years at neighboring Continental Center I (1600 Smith Street). The sale price of 1400 Smith was $340 million. “This sale is reflective of our ongoing strategy of recycling capital from mature assets into more accretive opportunities,” said Ric Clark, chief executive officer of Brookfield Office Properties. “We have created significant value through the sale of this stabilized asset concurrent with Chevron's sizeable lease extension at our adjacent property,” said Dennis Friedrich, president and global chief investment officer of Brookfield Office Properties. “Chevron represents the type of top-flight corporate tenant we seek to partner with in our global energy-sector markets.”