Brookfield Enters Agreement To Acquire 51% Interest In Three World Financial Center In Lower Manhattan.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 9, 2002 Brookfield Properties Corporation (NYSE NYSE See: New York Stock Exchange :BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BPO) today announced that it has acquired Lehman Brothers' 51% interest in Three World Financial Center in Lower Manhattan for $158 million. The 52-story, 2.1 million square foot tower is home to the world headquarters of co-owner American Express and is one of four towers in the World Financial Center complex. Brookfield also owns 100% of Towers One and Two and 51% of Tower Four of the World Financial Center, comprised of eight million square feet in Battery Park City located on the Hudson River. "The addition of 1.1 million square feet of currently vacant space to Brookfield's eight million square foot portfolio of premier office properties in downtown New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. underscores our strong commitment to Lower Manhattan, allows us to play a major role in its redevelopment, and positions us to capitalize on the rental rate differential between Midtown and Lower Manhattan," commented Ric Clark, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Brookfield. Lehman Brothers Global Real Estate Group acted as financial advisor to the seller in this transaction. Brookfield Properties Corporation, with a stock market value of US$9 billion in assets, owns, develops and manages premier North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. office properties. The Brookfield portfolio includes 50 commercial properties and development sites totaling 44 million square feet and over 120 million square feet of space under management. 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. |
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