Brookfield Kicks Off Construction of $4.5 Billion,

Brookfield Kicks Off Construction of $4.5 Billion,
Five-Million-Square-Foot Manhattan West Development 
Innovative Platform Above Rail Yard to Be Completed in 2014 and
Launched With $340 Million Financing in Place 
Mixed-Use Development of Three Iconic Towers, Large Open Spaces,
Quality Shops and Restaurants 
NEW YORK, NY -- (Marketwire) -- 01/15/13 --  Brookfield Office
Properties Inc. (NYSE: BPO) (TSX: BPO) today announced an exciting
step forward in its New York property portfolio by commencing
construction of the platform for the Manhattan West development site
on Ninth Avenue between West 31st and West 33rd Streets and Dyer
Avenue at a ceremony at the site with New York Mayor Michael
Bloomberg and Manhattan Borough President Scott Stringer.
Construction is expected to be completed in 2014, positioning the
project to receive tenants in 2016. 
"Brookfield is thrilled to have kicked off construction on our
premier development on the west side of Manhattan," said Dennis
Friedrich, Chief Executive Officer of Brookfield Office Properties.
"We are proud to be investing in this exciting New York neighborhood
and look forward to Manhattan West taking its place as the gateway
project for the Hudson Yards district." 
"With today's groundbreaking, we're taking a major step forward in
the transformation and rebirth of the Far West Side of Manhattan,"
said Mayor Bloomberg. "The state-of-the-art Manhattan West
development will include two new office towers, a residential tower,
new shops and restaurants, and an acre and a half of new outdoor
space -- making it a vital piece of the mixed-use community we've
envisioned for the Hudson Yards area, and which is now starting to
take shape." 
"Mayor Bloomberg has outlined a bold vision for the Far West Side of
Manhattan that will bring jobs and investment to one of the largest
underdeveloped parts of Manhattan, and Brookfield's investment at
Manhattan West is the latest evidence of that vision becoming
reality," Deputy Mayor for Economic Development Robert K. Steel said.
"Brookfield's start of construction is a statement of long-term
confidence in New York City's future." 
"I'm thrilled that construction of Manhattan West is beginning and
that we will soon bring the residential, cultural and retail energy
of so many city neighborhoods, as well as convenient transportation
infrastructure, to what is currently an underutilized rail yard,"
said City Council Speaker Christine C. Quinn. "The project is a
crucial link between Penn Station, Moynihan Station and the entire
rezoned Hudson Yards District, and I look forward to securing tenants
through the project's completion." 
"The groundbreaking for Manhattan West is yet another indication of
the economic health and vitality of New York City's west side," said
Manhattan Borough President Scott M. Stringer. "This area has grown
by leaps and bounds in recent years, and the Manhattan West project
will now take that renewal to the next level -- with an innovative
platform design to accommodate the city's bustling transportation
system, and a pedestrian-friendly corridor for west side neighbors.
The project's two million-square foot office towers will grow our
economy, create jobs, and attract the best and brightest media,
entertainment and technology talent to set up shop in Manhattan for
years to come." 
"This is a great milestone for New York City and Brookfield as we now
see our dream -- the dream of over 30 years in the making, to develop
the Far West Side as the successful expansion of Manhattan's Central
Business District with over 50 million square feet of commercial,
residential, retail and hotel development," said Ann Weisbrod,
President of the Hudson Yards Development Corporation. 
"Manhattan West will serve as the bridge between Chelsea and the
Midtown central business district, providing a pedestrian-friendly
way to get from Penn Station to the High Line and to the Hudson
River," added Dennis Friedrich, CEO of Brookfield Office Properties.
"The open space will be a recreated grand 32nd Street, 100 feet wide,
leading from Ninth Avenue to Dyer Avenue then south toward the spur
of the High Line. It will be an amenity for the neighborhood -- and
for the city,"  
Financing for the platform project has been secured with a five-year,
$340 million construction loan from a bank group that includes HSBC
Bank, The Bank of New York Mellon, The Toronto-Dominion Bank, U.S.
Bank, The Bank of Nova Scotia, and Wells Fargo Bank. The land and
platform construction represent a projected initial investment of
$680 million, of which Brookfield will invest approximately $340
million of its own capital with no public subsidies.  
The platform, a series of 16 bridges, completes the surface upon
which the entirety of the 5-million-square-foot development will
rise, envisioned as two two-million-square-foot Class A office
towers, a residential tower, a 1.5 acre open public space, and retail
throughout. The cores of the towers will be constructed on bedrock to
the north and south of the platform. The total site comprises five
acres, of which the platform will occupy 60%. 
The Manhattan West deck is being constructed utilizing post-tension
pre-cast segmental bridge technology which minimizes disturbance to
train operations below. To see a detailed animation of the platform
construction process, click on the "Innovation" tab at
www.manhattanwestnyc.com. The "launcher" is currently being
fabricated off-site. Turner Construction, a New York-based firm, is
managing the platform installation.  
The building of the platform will generate more than 600 construction
jobs, in addition to generating $52.7 million in employee
compensation and $4.7 million in tax revenue for New York City, New
York State. 
Agreements were completed in September 2012 with Amtrak and the
MTA/Long Island Rail Road, who hold easements through the
Brookfield-owned land, as well as with the Port Authority of New York
and New Jersey. Excavation and rock drilling have been underway for
the past three months. 
The total Manhattan West project cost is estimated at $4.5 billion. 
Brookfield has successfully developed office buildings totaling 4.3
million square feet in the United States, Canada and Australia, and
has recently established a development platform in London. Recent
completed projects include 300 Madison Avenue (New York), Bay
Adelaide Centre (Toronto), 77 K Street N.W. (Washington, D.C.),
Bankers Court (Calgary), and Brookfield Place/City Square (Perth).  
Brookfield is currently in negotiations with a number of potential
tenants in the technology, media, entertainment, professional and
financial services sectors; office tower construction will begin when
an anchor tenant is secured. Cushman & Wakefield is the leasing agent
for Manhattan West.  
Manhattan West's towers will offer stunning views of the city and the
Hudson River. The entire project is within walking distance from
major public transportation hubs: Penn Station, providing Amtrak, the
Long Island Rail Road and New Jersey Transit service; the Port
Authority Bus Terminal; the A, C, E, 1, 2, 3, N, Q, R, B, D, F, M and
future 7 subway line extension station set to open in late 2013.
Manhattan West is also steps from the High Line, the elevated park
that runs from 34th Street to the Meatpacking District along 10th
Avenue.  
Across Ninth Avenue to the east of Manhattan West is Moynihan
Station, the grand new train hall in the Farley Post Office building
which will expand and improve Penn Station, the first phase of which
is under constructio
n and scheduled to be completed in 2015. 
To the west, Manhattan West is adjacent to 450 West 33rd Street, a
Brookfield-owned building across from the High Line. This building,
combined with the Manhattan West complex, gives the area a campus
feel with a range of options for office users.  
Skidmore, Owings & Merrill is the master plan architect, working in
partnership with SLCE Architects on the residential portion. 
The grand outdoor public space at Manhattan West, designed by High
Line firm Field Operations, will be home to a robust arts and events
program, similar to the award-winning program at Brookfield Place New
York/the World Financial Center. 
Site plan and renderings attached.  
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 111 properties totaling 77 million square feet in the downtown
cores of New York, Washington, D.C., Houston, Los Angeles, Toronto,
Calgary, Ottawa, Sydney, Melbourne, Perth and London 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.  
Forward-Looking Statements
 This press release contains
"forward-looking information" within the meaning of Canadian
provincial securities laws and "forward-looking statements" within
the meaning of Section 27A of the U.S. Securities Act of 1933, as
amended, Section 21E of the U.S. Securities Exchange Act of 1934, as
amended, "safe harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995 and in any applicable
Canadian securities regulations. Forward-looking statements include
statements that are predictive in nature, depend upon or refer to
future events or conditions, include statements regarding the
operations, business, financial condition, expected financial
results, performance, prospects, opportunities, priorities, targets,
goals, ongoing objectives, strategies and outlook of the company and
its subsidiaries, as well as the outlook for North American and
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expressions, or future or conditional verbs such as "may", "will",
"should", "would" and "could". Although we believe that our
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, many of which are beyond our control, 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 contemplated or implied by forward-looking
statements include, but are not limited to: risks incidental to the
ownership and operation of real estate properties including local
real estate conditions, the ability to enter into new leases or renew
leases on favorable terms, dependence on tenants' financial
condition, uncertainties of real estate development, acquisition and
disposition activity; the impact or unanticipated impact of general
economic, political and market factors in the countries in which we
do business; the behavior of financial markets, including
fluctuations in interest and foreign exchanges rates; global equity
and capital markets and the availability of equity and debt financing
and refinancing within these markets; the ability to complete and
effectively integrate acquisitions into existing operations and the
ability to attain expected benefits therefrom; changes in accounting
policies and methods used to report financial condition (including
uncertainties associated with critical accounting assumptions and
estimates); the effect of applying future accounting changes;
business competition; operational and reputational risks; changes in
government regulation and legislation within the countries in which
we operate; changes in tax laws, catastrophic events, such as
earthquakes and hurricanes; the possible impact of international
conflicts and other developments including terrorist acts; and other
risks and factors detailed from time to time in our documents filed
with the securities regulators in Canada and the United States.We
caution that the foregoing list of important factors that may affect
future results is not exhaustive. When relying on our forward-looking
statements, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
Except as required by law, the company undertakes no obligation to
publicly update or revise any forward-looking statements or
information, whether written or oral, that may be as a result of new
information, future events or otherwise. 
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Contact: 
Melissa Coley
VP, Investor Relations and Communications
(212) 417-7215
melissa.coley@brookfield.com 
 
 
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