Brookfield in talks to acquire stake in Kushner-owned tower: source

White House Senior Advisor Kushner arrives for the first lady's
White House Senior Advisor Jared Kushner arrives for U.S. first lady Melania Trump’s “launch of her initiatives” and “Be Best” campaign in the Rose Garden at the White House in Washington, U.S., May 7, 2018. REUTERS/Kevin Lamarque

May 17, 2018

NEW YORK (Reuters) – Brookfield Property Partners is in talks to acquire a stake in a Fifth Avenue, New York, office tower majority owned by a company that was previously run by Jared Kushner, son-in-law of President Donald Trump, a source familiar with a potential deal said on Thursday.

Brookfield <BPY.O>, one of the world’s largest real estate companies, would oversee the redevelopment of 666 Fifth Avenue, a 41-story tower controlled by Kushner Companies, the source said.

The building has been in the news since Trump became president because of potential conflicts of interest. Jared Kushner stepped down as chief executive of Kushner Companies in January 2017, when his ownership stake was put in a trust.

Brookfield would oversee a significant redevelopment of the building if a deal is reached, the source said. The Canadian controlled property owner has executed similar developments in New York and other cities around the world, the source said.

Talks about the redevelopment of 666 Fifth Avenue have included Chinese insurer Anbang Insurance Group and with a former Qatari prime minister.

The acquiring entity would be a Brookfield-managed private real estate fund, the source said. The Qatar Investment Authority would not be part of the fund or involved in the potential transaction.

(Reporting by Herbert Lash; Editing by Phil Berlowitz and Susan Thomas)

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