Brookfield Office Properties Agrees to Acquire Bow Parkade Adjacent to Herald Site in Downtown Calgary
March 15 2012 - 10:04AM
Marketwired
Brookfield Office Properties Inc. (NYSE: BPO) (TSX: BPO) today
announced that it has entered into an agreement to acquire the Bow
Parkade, a seven-story public parking facility located on a half
city block in the heart of downtown Calgary at 6th Ave. SW and 2nd
St. SW, for C$90 million. Brookfield already owns the eastern half
of the block, known as the Herald Site, on which it has an existing
application to construct a 1.2-million-square-foot premier office
tower. The entire block will now be able to accommodate
approximately 2.8 million square feet of new development.
"Acquiring the Bow Parkade provides us with enhanced flexibility
to develop the Herald Site and gives us the advantage of
controlling one of the most coveted city blocks in Calgary," said
Jan Sucharda, president and chief executive officer of Brookfield's
Canadian Commercial Operations division.
Brookfield is a major commercial property owner in downtown
Calgary, with eight office assets totaling 6.5 million square feet,
including Bankers Hall and Suncor Energy Centre. The Herald/Bow
Parkade block is downtown Calgary's foremost development site,
providing Brookfield with the opportunity to create another
landmark addition to its global portfolio.
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 110 properties totaling 78
million square feet in the downtown cores of New York, Washington,
D.C., Houston, Los Angeles, Denver, 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.
Forward-Looking Statements 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.
Contact: Melissa Coley VP, Investor Relations and
Communications (212) 417-7215 Email Contact