Brookfield Properties Refinances One Liberty Plaza

    $850 Million, 10-Year Term

    NEW YORK, August 13 /CNW/ - Brookfield Properties Corporation (BPO: NYSE,
TSX) today announced the completion of the refinancing of One Liberty Plaza in
Lower Manhattan with an $850 million, non-recourse 10-year loan. The financing
was completed with Goldman Sachs at a fixed rate of 6.139%, repaying a $397
million loan at a fixed rate of 6.75%. The proceeds will be used for general
corporate purposes.

    "This financing accomplishes one of our major capital initiatives for the
year," commented Ric Clark, President and CEO of Brookfield Properties.
"Notwithstanding the current nervous credit environment, this financing shows
the market's appreciation for high-quality premier assets such as One Liberty

    One Liberty Plaza is a 2.2 million square foot office tower prominently
located in the heart of the New York City's financial district at Liberty
Street and Broadway. The 54-story steel and glass tower offers sweeping views
of New York Harbor and the five boroughs, soaring above the newly-renovated
Zuccotti Park, which received the 2007 American Institute of Architects Merit
Award. Major tenants include Cleary Gottlieb Steen and Hamilton, the National
Association of Securities Dealers, Scotiabank and Zurich Insurance.

    One of North America's largest commercial real estate companies,
Brookfield Properties Corporation owns, develops and manages premier office
properties. The office properties portfolio is comprised of interests in 113
properties totaling 75 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 15 million square feet of
high-quality, centrally-located development properties in its major markets.
The corporation's common shares trade on the NYSE and TSX under the symbol
BPO. For more information, visit

For further information:

For further information: Brookfield Properties Corporation Melissa
Coley, 212-417-7215 Vice President, Investor Relations and Communications

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