Brookfield Properties Corporation (BPO: NYSE, TSX) announced today that
the World Bank Group has signed a ten-year lease for 100% of the office
space at 1225 Connecticut Avenue in Washington, D.C. totaling 227,000
square feet. The World Bank will begin to occupy the premises in the
late winter/early spring of 2010.
"This long-term agreement with the World Bank
is a major achievement for our U.S. operations, and another example of
the enduring strength of the DC office market, especially in light of
the current challenging economic climate,”
said Ric Clark, president and chief executive officer of Brookfield
Properties.
Brookfield Properties performed a complete renovation and redevelopment
of 1225 Connecticut Avenue over the past two years, investing $32
million to transform the property into an environmentally friendly,
class A asset. The building will be LEED-Gold.
"The commitment from the World Bank
underscores the dynamic nature of the DC market and the strong appeal of
high-quality, newly redeveloped, well-located and environmentally
friendly property,” said Dennis Friedrich,
president and chief operating officer of U.S. Operations at Brookfield
Properties.
Paul Schulman, Brookfield’s regional executive
for the Washington, DC region, spearheaded the lease negotiations for
Brookfield along with Simon Carney and Eddie Trujillo. Zeke Dodson,
Brian Daly and Laurie McMahon of Cassidy and Pinkard represented the
World Bank Group.
The eight-story building has been completely redeveloped and modernized,
with virtually all new space and superior detailing throughout. A
state-of-the-art glass curtain wall, rising from the northwest corner of
18th Street, N Street and Connecticut Avenue,
creates a stunning presence along one of DC’s
most renowned business corridors.
Brookfield Properties owns and operates 28 commercial properties in the
greater DC area, encompassing 6.6 million square feet. The company
recently announced the completion of its other development project in
the District, 77 K Street, an 11-story, 327,000-square-foot building
located in the NoMa submarket.
About Brookfield Properties Corporation
One of North America's largest commercial real estate companies,
Brookfield Properties owns, develops and manages premier office
properties in major U.S. and Canadian cities. The portfolio is comprised
of interests in 108 properties totaling 74 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 company
also holds interests in over 16 million square feet of high-quality,
centrally located development and redevelopment properties in its major
markets. The company's common shares trade on the NYSE and TSX under the
symbol BPO. For more information, visit www.brookfieldproperties.com.
Forward-Looking Information
This press release contains forward-looking statements and information
within the meaning of applicable securities legislation. Although
Brookfield 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
and the United States including in the Annual Information Form under the
heading "Business of Brookfield 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 otherwise, except as
required by securities laws.
