Brookfield Office Properties Signs 165,000-Square-Foot Lease at Bay Adelaide
Centre East Development
Law Firm of Borden Ladner Gervais to Move Into Office Tower Currently
Under Construction in Toronto's Financial Core
TORONTO -- (Marketwire) -- 02/25/13 -- Brookfield Office Properties
Inc. (TSX: BPO) (NYSE: BPO) today announced its second signed lease
for the East tower of Bay Adelaide Centre in downtown Toronto, which
recently commenced construction. Borden Ladner Gervais LLP (BLG), a
leading, full-service national law firm, will be occupying 165,000
square feet in the building which is on target to be completed in
Last June, professional services firm Deloitte kicked off the
development by leasing 420,000 square feet -- approximately 43% of
the building -- as the anchor tenant. With the addition of BLG,
Canada's largest law firm, the building is now 60% pre-leased.
"Bay Adelaide Centre has become the newest premier professional
precinct in downtown Toronto. We are gratified to have two such
highly regarded organizations as BLG and Deloitte lead the tenancy in
the East tower," said Jan Sucharda, president and chief executive
officer of Brookfield Office Properties' Canadian Commercial
"This is an exciting new venture for the Toronto operations of BLG,"
said Frank Callaghan, Toronto regional managing partner. "The new
state of the art premises will allow BLG to create a modern working
environment that reflects the latest best practices for law firm
offices. The Bay Adelaide Centre will allow us to create a unique and
innovative workplace that fosters excellence in collaboration,
teamwork and is responsive to the needs of our clients. We are
delighted to be taking up residence in a premier office tower that
delivers the highest standard in building construction."
Bay Adelaide East, located on Adelaide Street West between Bay and
Yonge Streets, adjacent to the Bay Adelaide West tower, will be a
44-storey, 980,000-square-foot office tower with best-in-class
operational, environmental and life-safety systems and will achieve
the prestigious LEED (Leadership in Energy and Environmental Design)
Platinum distinction upon completion. Once completed, the East and
West towers will represent the forefront of premier office product in
Toronto's financial core, encompassing the full Adelaide Street block
between Bay and Yonge Streets.
The East tower's expected completion date of late 2015 coincides with
several large office lease expiries in the financial core and gives
these firms a new, premium build alternative in a coveted location.
The building will have direct access to subways and the amenities of
the PATH underground pedestrian system.
The 51-storey, 1.2-million-square-foot Bay Adelaide West tower, also
developed by Brookfield, opened in 2009 and is 95% leased.
In addition to Bay Adelaide East and West, the third and final phase
of the development -- Bay Adelaide North -- can accommodate
additional new development of approximately 500,000 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 111 properties totaling 76 million square
feet in the downtown cores of New York, Washington, D.C., Houston,
Los Angeles, Denver, Seattle, Toronto, Calgary, Ottawa, London,
Sydney, Melbourne and Perth, making it the global leader in the
ownership and management of office assets. Landmark properties
include Brookfield Places in New York City, Toronto and Perth, Bank
of America Plaza in Los Angeles, Bankers Hall in Calgary, and Darling
Park in Sydney. The company's common shares trade on the NYSE and TSX
under the symbol BPO. For more information, visit
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
international economies for the current fiscal year and subsequent
periods, and include words such as "expects," "anticipates," "plans,"
"believes," "estimates," "seeks," "intends," "targets," "projects,"
"forecasts" or negative versions thereof and other similar
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
ing 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.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2238668
VP, Investor Relations and Communications
Press spacebar to pause and continue. Press esc to stop.