PERTH, Australia, 19 April 2011 – Brookfield Properties Corporation (“Brookfield Office Properties”) (NYSE, TSX: BPO) today announced that City Square in Perth, is 100 per cent pre-leased following the completion of a leasing deal with international gold major, Barrick Gold.
Under the long-term agreement, Barrick Gold will occupy 5,000 square metres (53,820 square feet) of the landmark premium-grade tower, which is currently under construction in Perth’s CBD. Barrick Gold will join anchor tenant BHP Billiton and leading professional services firm PwC at City Square’s commercial tower.
“This is a major milestone for the City Square project. City Square will set a new benchmark for commercial office space in Perth and we are pleased to see it fully-leased ahead of schedule,” said Kurt Wilkinson, Chief Operating Officer of Brookfield Office Properties, Australian Commercial Operations.
“Achieving 100 per cent pre-leasing of City Square highlights the demand for world-class office space in Perth from large, multinational businesses who view the Western Australian market as we do – a buoyant and growing international business centre,” said Brian Kingston, President and Chief Executive Officer of Brookfield Office Properties, Australian Commercial Operations.
According to Mr Kingston, the agreement with Barrick Gold also underlines the strength of Brookfield Office Properties’ global client relationships.
“The City Square tower will now be tenanted by three of Brookfield’s international clients in BHP Billiton, PwC and Barrick Gold. We are delighted to be in a position to meet the demand of companies of this calibre for landmark commercial space in major business centres around the world.”
Brookfield Office Properties is currently progressing plans for City Square South on the site adjacent to City Square. Design discussions are in their preliminary phase for the addition of up to 27,870 square metres (300,000 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.
The 86,000 square metre (926,000 square feet) City Square project, which includes a premium-grade office tower and a unique heritage retail precinct, is being built by Brookfield Office Properties affiliate Brookfield Multiplex and is targeting practical completion at the end of 2011.
The leasing program for City Square’s various retail areas, which will cover 7,126 square meters (76,704 square feet), is well underway. The heritage retail precinct, based in four of Perth’s most historically-significant buildings along St. Georges Terrace, will contain high-end boutique retailers, along with bars, restaurants and cafés. The service retail section at the base of the tower will include an extensive Café Court and other amenities for the surrounding office precinct.
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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.