Brookfield, Boston Properties, Blackstone, CIBC Capital Partners And Deutsche Bank Form Consortium And Submit Bid For World Trade Center.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 1, 2001

Boston Properties, Inc. (NYSE:BXP) and Brookfield Properties Corporation (NYSE:BPO) (TSE:BPO.) today announced that they, along with their partners Blackstone Real Estate Advisors, CIBC Capital Partners, and Deutsche Bank have formed a consortium and have submitted a bid for the net lease of the World Trade Center in New York City.

John Zuccotti, Chairman of Brookfield's US Commercial Operations, commented, "The strength of this consortium is its ability to commit a large sum on a highly accelerated basis. We believe that by leveraging Brookfield's dominant presence downtown, Boston Properties' superior operating skills, and the financial strength and savvy of Blackstone, CIBC and Deutsche Bank, this venture provides the Port Authority with certainty of closure and superior value for the retained interest in the complex."

Mort Zuckerman, Chairman of Boston Properties, commented, "The solidification of New York as the global capital of finance, media and culture has created a great opportunity. The World Trade Center is perceived as the focal point of Downtown's financial center, and the WTC consortium looks forward to investing in its future."

Brookfield Properties Corporation

Brookfield Properties Corporation, with over US $8 billion in assets, owns, manages and develops premier North American office properties, operates real estate service businesses and develops master-planned communities. The Brookfield portfolio includes 50 commercial properties totaling 37 million square feet, including landmark properties such The World Financial Center in New York and BCE Place in Toronto. Brookfield is inter-listed on the New York and Toronto Stock Exchanges under the symbol BPO. For more information, visit the Brookfield Properties website at www.brookfieldproperties.com.

Boston Properties

Boston Properties, Inc, (NYSE:BXP) is a self-administered and self-managed real estate investment trust (REIT) that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class A office, industrial and hotel properties. The Company is one of the largest owners, acquirers and developers of Class A office properties in the U.S. concentrated in four core markets: Boston, Washington DC, Midtown Manhattan and San Francisco. Founded in 1970, the Company's primary focus is office space, however its portfolio also includes hotels and industrial buildings. The company's office portfolio currently totals 144 properties and 38 million square feet.

The Blackstone Group L.P.

The Blackstone Group, a private investment bank with offices in New York and London, was founded in 1985 by its Chairman, Peter G. Peterson, and its President and CEO, Stephen A. Schwarzman. Blackstone's Real Estate Group has raised three funds representing approximately $3 billion in total equity. The group has made around 100 separate investments in hotels and other commercial properties with a total transaction value of about $11 billion. In addition to real estate, The Blackstone Group's core businesses include Mergers and Acquisitions Advisory, Restructuring and Reorganization Advisory, Private Equity Investing, Private Mezzanine Investing and Liquid Alternative Asset Investing.

CIBC Capital Partners

The Merchant Banking division of CIBC World Markets is a leader within North America. It is invested in over 500 companies and in approximately 125 private equity funds around the world. Its merchant banking activities include private equity investments in venture capital, leveraged buyouts and recapitalizations. Merchant Banking professionals are located in New York, Menlo Park and Toronto.

Deutsche Bank A.G.

Deutsche Banc Alex. Brown Inc., through its Real Estate Investment Banking group (REIB), is making this investment. Since 1992, REIB has made over 210 investments representing asset value in excess of $13 billion. Deutsche Banc Alex. Brown is the investment banking and securities arm of Deutsche Bank A.G. in the United States and Canada. With over EUR996 billion in assets September 30, 2000 and 93,000 employees, Deutsche Bank offers its more than 9 million clients unparalleled financial services throughout the world. It ranks among the global leaders in asset management, capital markets, corporate finance, custody, cash management and private and retail banking.