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Originally published Tuesday, June 5, 2012 at 5:12 PM

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"Twin Toaster" office towers sold to New York company

Brookfield Office Properties of New York said Tuesday it has purchased the Denny Triangle office towers, whose real names are Metropolitan Park East and Metropolitan Park West, for $210 million.

Seattle Times business reporter

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Seattle's "Twin Toasters" have a new owner.

Brookfield Office Properties of New York said Tuesday it has purchased the Denny Triangle office towers, whose real names are Metropolitan Park East and Metropolitan Park West, for $210 million.

That's $27 million more than seller Walton Street Capital paid for them in 2005.

When the buildings went on the market last year, some real-estate observers questioned whether Walton Street would recoup its initial investment.

Together, the 20- and 18-story towers just off Interstate 5 near Olive Way are 85 percent leased, Brookfield said. Tenants include Facebook.

Walton Street financed its purchase of the towers with interest-only loans it couldn't pay back when the debt matured in late 2010. But it later worked out modifications with its lenders.

Metropolitan Park East and West are Brookfield's first Seattle acquisitions.

The company owns 110 office buildings with 78 million square feet in the U.S., Canada and Australia.

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