Brookfield's Notice to Renew Normal Course Issuer Bid Accepted by TSE and NYSE.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 22, 2000

Brookfield Properties Corporation (NYSE:BPO)(TSE:BPO) today announced that the Toronto Stock Exchange and the New York Stock Exchange have accepted a notice filed by Brookfield of its intention to renew its normal course issuer bid for a further one year period. Brookfield believes that from time to time its common shares trade in price ranges, which do not fully reflect their value. As a result, depending on future price movements and other factors, Brookfield believes that its shares may from time to time, represent an attractive investment and a desirable used of available funds.

The Notice provides that Brookfield may, during the 12 month period commencing August 23, 2000 and ending August 22, 2001, purchase on the Toronto Stock Exchange and the New York Stock Exchange up to 7,572, 966 common shares, representing approximately 5% of the issued and outstanding common shares of the company. At August 9, 2000, there were 151, 459, 334 common shares issued and outstanding and 73,423,121 common shares in the public float. The price to be paid for the shares will be the market price at the time of purchase. The actual number of shares to be purchased and the timing of any purchases will be determined by Brookfield. All shares purchased by the Corporation under this bid will be promptly cancelled.

During the last year, Brookfield purchased 1,831,000 common shares under its existing normal course issuer bid on the Toronto Stock Exchange and the New York Stock Exchange at an average price of US$11.78 per share.

Brookfield Properties Corporation, with over US$8 billion in assets, owns and manages premier North American properties, operates service businesses for real estate companies and develops master planned communities. The Brookfield portfolio comprises 50 commercial properties totalling 37 million square feet, including landmark properties such as 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.