Brookfield Leases 300,000 Square Feet At BCE Place In Toronto.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 3, 2003

Brookfield Properties Corporation (NYSE:BPO)(TSX:BPO) today announced two lease agreements totaling more than 300,000 square feet at its flagship BCE Place complex in Toronto. In the first transaction, a ten-year lease renewal to 2015 was executed with two existing tenants for 207,000 square feet covering ten floors in the Canada Trust Tower.

In the second transaction, the law firm McMillan Binch executed a new 15-year lease encompassing 106,000 square feet on four floors in the Bay-Wellington Tower. Celebrating its hundredth anniversary, McMillan Binch LLP is one of Canada's leading business law firms. The 500 member firm's core practice areas are financial services, mergers and acquisitions, restructuring and competition are fully supported by its experts in tax, litigation, real estate, public policy and a multitude of specialized practices.

"This pro-active leasing activity is a testament to the appeal and value of BCE Place," said David Arthur, President & CEO of Canadian Operations for Brookfield. "It underscores the status of the building as a premier location for demanding and sophisticated users of office space." BCE Place, located in the heart of Toronto's financial district, is a 3.4 million square foot complex that combines two premier office towers, retail shops, and a six-story Galleria.

Brookfield Properties Corporation, with a stock market value of $8.6 billion in assets, owns, develops and manages premier North American office properties. The Brookfield portfolio comprises 50 commercial properties and development sites totaling 45 million square feet, including landmark assets 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.