Brookfield Office Properties Sells Two Assets for Net Proceeds

Brookfield Office Properties Sells Two Assets for Net Proceeds of
$182 Million 
33 South 6th Street / City Center, Minneapolis Sells for $205.5
Million; KBR Tower, Houston Sells for $174.6 Million 
NEW YORK, NY -- (Marketwire) -- 11/20/12 --  Brookfield Office
Properties Inc. (NYSE: BPO) (TSX: BPO) announced today the sale of
two assets: the 33 South 6th Street / City Center property in
Minneapolis and the KBR Tower office building in Houston, in which
Brookfield sold its 50% interest along with joint venture partner
KBR.  
"These dispositions continue our active capital recycling program
over the past two years in which we have sold seven mature or
non-strategic assets and reinvested proceeds into higher-yielding
strategic opportunities," said Dennis Friedrich, chief executive
officer of Brookfield Office Properties.  
33 South 6th Street / Minneapolis City Center 
Brookfield sold the 33 South 6th Street / Minneapolis City Center
property in Minneapolis to Shorenstein Properties LLC on behalf of
its tenth investment fund, Shorenstein Realty Investors Ten, L.P. for
$205.5 million gross. Net proceeds to Brookfield were approximately
$106 million. 
The 50-story property contains 1.1 million square feet of office
space, 370,000 square feet of retail space and 687 parking stalls.
Target Corp. is the anchor tenant, renting 72% of office space under
a lease that expires in December 2023. Overall, the property is 95%
leased.  
Eastdil Secured advised Brookfield in the sale of 33 South 6th Street
/ Minneapolis City Center. 
KBR Tower, Houston 
Brookfield, along with joint venture partner KBR Inc., sold the KBR
Tower office building and adjacent garage in Houston to Corporate
Property Associates 17-Global, a public non-traded REIT affiliate of
W. P. Carey Inc. (NYSE: WPC) for $174.6 million gross. Brookfield's
U.S. Office Fund (in which Brookfield owns an 84% interest) had owned
a 50% interest in the building through a joint venture with KBR. Net
proceeds to Brookfield were approximately $76 million. 
KBR Tower, located at 601 Jefferson St. in downtown Houston, contains
1.05 million square feet of headquarter office and retail space, with
an adjacent 1,500-space garage. Brookfield acquired its stake in the
40-story tower as part of the Trizec portfol
io in 2006.  
KBR occupies 87% of its namesake tower, which is 99.8% leased. In
February 2010, KBR signed an industry-leading 20-year net lease
renewal and expansion with Brookfield for 1.2 million square feet at
KBR Tower and the adjacent 500 Jefferson St.  
Allied Advisors LLC advised the joint venture in the sale of KBR
Tower and arranged acquisition debt on behalf of the purchaser. 
Brookfield retains a sizeable market share of class A office product
in downtown Houston, with eight properties totaling 8.4 million
square feet.  
About Brookfield Office Properties
 Brookfield Office Properties
owns, develops and manages premier office properties in the United
States, Canada, Australia and the United Kingdom. Its portfolio is
comprised of interests in 112 properties totaling 78 million square
feet in the downtown cores of New York, Washington, D.C., Houston,
Los Angeles, Toronto, Calgary, Ottawa, London, 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
Brookfield Place in Perth. The company's common shares trade on the
NYSE and TSX under the symbol BPO. For more information, visit
www.brookfieldofficeproperties.com. 
Contact: 
Melissa Coley 
Vice President, Investor Relations and Communications
(212) 417-7215
melissa.coley@brookfield.com 
 
 
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