PERTH, Australia, 23 February 2011 – Brookfield Properties Corporation (“Brookfield Office Properties”) (NYSE, TSX: BPO) today announced it has signed a new ten year lease agreement with a leading professional services firm. PwC will occupy 8,500 square metres (91,494 square feet) or 11.3 per cent of Brookfield Office Properties’ newest office building, City Square in Perth. This new lease takes the office tower to 93.3% pre-leased with the balance of space under negotiation.
"We are delighted to welcome PwC to City Square, which is fast establishing itself as Western Australia’s premier business address," said Kurt Wilkinson, Chief Operating Officer of Brookfield Office Properties’ Australian Commercial Operations. "City Square is the largest premium-grade office development currently under construction in Australia. It has been designed to meet the demand from large, internationally-recognised businesses, for world-class office space in Perth."
John O'Connor, PwC's Perth Managing Partner, said the move to City Square reflects the firm’s commitment to, and belief in, the continued growth of Western Australia as a business centre. “We view Western Australia as a significant growth market for PwC and our new City Square premises will position us to continue our expansion plans in Perth.
“City Square is an exciting new development which places PwC in the hub of the CBD. Its design allows for large, interconnected work areas that meet the operational and cultural requirements of our firm. I am confident our staff will enjoy the environment of the new building which will offer an outstanding range of services and amenities,” Mr O’Connor concluded.
The 75,000 square metre (807,300 square feet) City Square project, which includes a premium-grade office tower and a unique heritage retail precinct, is being built by Brookfield Multiplex and is targeting completion at the end of 2011. BHP Billiton is the tower’s anchor tenant, occupying 61,500 square metres (661,980 square feet), or 82 per cent of the building.
City Square’s office tower has a side-core design providing views south over the Swan River and large floor plates to create open workspaces. The building is targeting a five-star Green Star Design rating and will feature 330 car park bays for tenants.
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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.