PERTH, Australia, 14 June 2011 – Brookfield Office Properties Inc. (NYSE, TSX: BPO) has today celebrated the topping out of the 45-storey City Square Tower in Perth with a ceremony attended by dignitaries including the city’s Lord Mayor, Lisa Scaffidi.
The premium-grade tower is fully pre-leased, with anchor tenant BHP Billiton, leading professional services firm PwC, and international gold company Barrick committed to the building. City Square is being built by Brookfield Office Properties affiliate Brookfield Multiplex and is scheduled for practical completion in early 2012.
Kurt Wilkinson, Chief Operating Officer of Brookfield Office Properties Australian Commercial Operations, said: “This is an important milestone in the development of the City Square project. The tower is already a Perth landmark and, with the calibre of tenants committed to the building, it will quickly establish itself as the city’s premier business address.
“City Square Tower has redefined Perth’s skyline and we look forward to welcoming our tenants into the building,” said Mr Wilkinson.
Creating a Precinct in Perth’s CBD
City Square Tower is the centerpiece of the City Square precinct, which will include a range of retail, food and beverage outlets as well as create new civic space for Perth’s CBD. The project’s heritage buildings, some of the city’s most historically significant, will provide the backdrop for bars, restaurants and cafes, along with high-end shopping and boutique commercial space.
In total, City Square will comprise a net lettable area of approximately 86,000 square metres (926,000 square feet), including over 75,000 square metres (807,300 square feet) in City Square Tower and a total of 7,126 square meters (76,704 square feet) of retail space.
Expanding the City Square Precinct
Brookfield Office Properties is currently progressing plans on the adjacent site for a second office tower to be added to the City Square precinct.. Design development is in the preliminary phase for the addition of up to 27,000 square metres (290,000 square feet) of commercial space.
“In response to demand for premium-grade office space in Perth, we are committed to growing the City Square precinct with the addition of the proposed City Square South tower,” said Mr Wilkinson.
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About Brookfield Office Properties
Brookfield Office Properties owns, develops and manages premier office properties in the United States, Canada and Australia. Its portfolio is comprised of interests in 109 properties totaling more than 76 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, Ottawa, Sydney, Melbourne and Perth, making it the global leader in the ownership and management of office assets. Landmark properties include the World Financial Center in Manhattan, Brookfield Place in Toronto, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary, Darling Park in Sydney and City Square in Perth. The company’s common shares trade on the NYSE and TSX under the symbol BPO. For more information, visit www.brookfieldofficeproperties.com.
About City Square
City Square is one of Australia’s most significant commercial developments, currently under construction in the heart of Perth’s CBD. The development’s centrepiece is a premium-grade, 45-level office tower incorporating the latest in workplace design over 75,000 square metres (807,300 square feet) of which BHP Billiton is the anchor tenant. City Square will create new civic space in Perth’s CBD through a unique heritage retail area, which will include the restoration of some of the city’s most important historical buildings. In total, the project will comprise a net lettable area of approximately 86,000 square metres (925,700 square feet). City Square is fully owned, managed and built by Brookfield and its subsidiaries.
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This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Although Brookfield Office 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 assumptions, 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. Accordingly, the company cannot give any assurance that its expectations will in fact occur and cautions that actual results may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements and information include, but are not limited to, 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,” and in the company’s most recent interim report under the heading “Management’s Discussion and Analysis.” 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, except as required by law.