TORONTO, December 4 /CNW/ - Brookfield Properties Corporation (BPO: NYSE,
TSX) and its Canadian-based subsidiary, BPO Properties Ltd. (BPP: TSX), today
announced that law firm Fasken Martineau DuMoulin LLP has agreed to a 20-year
lease at the company's Bay Adelaide Centre development in downtown Toronto.
The firm will occupy no less than 150,000 square feet, and has the option of
increasing their presence to 170,000 square feet prior to December 31, 2007.
"We are pleased that we were able to secure a long-term agreement with
the well-respected firm of Fasken Martineau DuMoulin," said Ric Clark,
President and CEO of Brookfield Properties.
Fasken will join previously signed tenants KPMG LLP and Goodmans LLP in
the first phase of the project, Bay Adelaide Centre West - a 50-story, 1.1
million square foot LEED Gold tower which is currently under construction and
on schedule for completion in the second half of 2009. The Fasken signing
brings the building to a pre-leased level of 57%.
"We feel Fasken made a great choice in selecting the Bay Adelaide Centre
- a well-located, innovative and environmentally friendly building - as their
new home," said Tom Farley, President and COO, Canadian Commercial Operations
for Brookfield Properties.
Brookfield Properties announced earlier this year that the entire 2.6
million square foot Bay Adelaide Centre development - the first new
development in Toronto's downtown core since Brookfield Place was completed in
1992 - is planned to be built to a LEED Gold standard, as specified by the
Canada Green Building Council (CaGBC).
Brookfield Properties Profile
One of North America's largest commercial real estate companies,
Brookfield Properties Corporation owns, develops and manages premier office
properties. The office portfolio is comprised of interests in 110 properties
totaling 74 million square feet in the downtown cores of New York, Boston,
Washington, D.C., Los Angeles, Houston, Toronto, Calgary and Ottawa. Landmark
assets include the World Financial Center in Manhattan, Brookfield Place in
Toronto, Bank of America Plaza in Los Angeles and Bankers Hall in Calgary. The
corporation also holds interests in 17 million square feet of high-quality,
centrally-located development and redevelopment properties in its major
markets. The corporation's common shares trade on the NYSE and TSX under the
symbol BPO. For more information, visit www.brookfieldproperties.com.
BPO Properties Profile
BPO Properties Ltd., 89% owned by Brookfield Properties Corporation, is a
Canadian company that invests in real estate, focusing on the ownership and
value enhancement of premier office properties. The property portfolio is
comprised of interests in 29 commercial properties totaling 19.5 million
square feet and five development sites totaling 5.6 million square feet.
Landmark properties include First Canadian Place in Toronto and Bankers Hall
in Calgary. BPO Properties' common shares trade on the TSX under the symbol
BPP. For more information, visit www.bpoproperties.com.
This press release contains forward-looking statements and information
within the meaning of applicable securities legislation. Although Brookfield
Properties believes that the anticipated future results, performance or
achievements expressed or implied by the forward-looking statements and
information are based upon reasonable assumptions and expectations, the reader
should not place undue reliance on forward-looking statements and information
because they involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the company
to differ materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements and
information. Factors that could cause actual results to differ materially from
those set forth in the forward-looking statements and information include
general economic conditions; local real estate conditions, including the
development of properties in close proximity to the company's properties;
timely leasing of newly-developed properties and re-leasing of occupied square
footage upon expiration; dependence on tenants' financial condition; the
uncertainties of real estate development and acquisition activity; the ability
to effectively integrate acquisitions; interest rates; availability of equity
and debt financing; the impact of newly-adopted accounting principles on the
company's accounting policies and on period-to-period comparisons of financial
results; and other risks and factors described from time to time in the
documents filed by the company with the securities regulators in Canada and
the United States including in the Annual Information Form under the heading
"Business of Brookfield Properties - Company and Real Estate Industry Risks."
The company undertakes no obligation to publicly update or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise.
For further information:
For further information: Brookfield Properties Corporation Melissa
Coley, 212-417-7215 Vice President, Investor Relations and Communications