BPO Properties Ltd. Renews Normal Course Issuer Bid

    TORONTO, September 18 /CNW/ - BPO Properties Ltd. (BPP: TSX) announced
today that the Toronto Stock Exchange accepted a notice filed by BPO
Properties of its intention to renew its prior normal course issuer bid for a
further one-year period in order to provide liquidity to its shareholders.

    The notice provides that BPO Properties may, during the twelve month
period commencing September 20, 2007 and ending September 19, 2008, purchase
on the Toronto Stock Exchange up to 341,446 common shares, representing
approximately 5% of the issued and outstanding common shares of the company.
At September 12, 2007, there were 6,828,933 common shares issued and
outstanding and 3,095,278 common shares in the public float. In addition, BPO
Properties has 21,678,532 non-voting equity shares outstanding. The price to
be paid for the shares will be the market price at that time of purchase. The
actual number of shares to be purchased and the timing of such purchases will
be determined by BPO Properties, and all shares will be purchased on the open
market or such other means as approved by the Toronto Stock Exchange. All
shares purchased by BPO Properties under this bid will be promptly cancelled.

    As at September 12, 2007, BPO Properties acquired 18,500 common shares at
an average price of $68.37 per share under its prior normal course issuer bid
which commenced September 20, 2006 and ends on September 19, 2007. The average
daily trading volume of BPP shares during the six months ended August 31, 2007
was 1,410.

    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 current property portfolio
is comprised of interests in 29 commercial properties totaling 19.5 million
square feet and five development projects 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 BPO
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
including in the Annual Information Form under the heading "Business of BPO
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

For further information:

For further information: BPO Properties Ltd. Melissa Coley, Vice
President, Investor Relations and Communications 416-359-8593

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