Brookfield Leases 660,000 Square Feet In Toronto.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 3, 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 the completion of two lease agreements totaling 660,000 square feet in Toronto. 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 Properties Corporation, stated, "This significant leasing activity during an economic slowdown is a testament to the strength of Brookfield's assets, as well as to our pro-active leasing strategy. Combined with other leases executed in 2002, this brings the total amount of space leased in Toronto to more than one million square feet year-to-date, an impressive number when only 113,000 square feet of leases are rolling this year, and 156,000 square feet roll in 2003. This forward-leases a number of 2006 lease maturities." Included in the leasing is a lease to the Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce TSX: CM NYSE: CM, better known to most customers as CIBC, is one of Canada's major banks. CIBC is classified as a Domestic Chartered Bank (Schedule I). who has executed a binding agreement to lease 428,000 square feet at Brookfield's flagship BCE BCE abbr. 1. Bachelor of Chemical Engineering 2. Bachelor of Civil Engineering BCE Abbreviation for before the Common Era. Place through the year 2020. CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company will occupy space in all three properties at BCE place and includes the Canadian head office of CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. . "This major lease represents a significant vote of confidence in the value of BCE Place as Canada's number one business address," said David Arthur, President & CEO of Canadian Operations for Brookfield. 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 also recently leased 232,000 square of space at 2920 Matheson Boulevard to Unisen Inc., a wholly-owned subsidiary of AGF Management Limited. The property, located in Mississauga, Ontario, will be leased entirely to Unisen, a leading provider of administrative services to Canada's investment fund industry and offers comprehensive transfer agency and fund accounting services. Brookfield Properties Corporation, with a stock market value of $9 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 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. |
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