Brookfield Properties Corporation - Independent Engineers Confirm Structural Integrity Of One Liberty Plaza.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 14, 2001

Following a technical examination of its properties in lower Manhattan, Brookfield has confirmed that there is no structural damage to any of its properties, including One Liberty Plaza. Brookfield has verified that no movement of One Liberty Plaza occurred following the destruction of the World Trade Center.

Brookfield is able to confirm the structural integrity of One Liberty Plaza based on inspections by the following groups :

1. Thornton-Tomasetti Group and Gilasanz Murray Steficek LLP, both

leading structural engineering consultants in the United States;

2. Turner Construction, a leading building contractor in the United

States, and the firm responsible for the original construction of

One Liberty Plaza;

3. Federal Emergency Management Agency (FEMA) Structural Specialists,

who have been in the building co-operating with Brookfield to

review the work completed by Brookfield and its consultants and

have concurred with the findings; and

4. Brookfield's technical and engineering staff, who have over 200

years of combined technical experience and are responsible for

operating all of Brookfield's New York properties.

Following their inspections, the two independent structural consulting firms reported on September 13, 2001 to the command center of the Office of Emergency Management that One Liberty Plaza is structurally safe.

Brookfield is very confident that once power utilities, phones, water and access are restored, Brookfield will be in a position to complete glass and window replacement and thereafter permit tenants to re-occupy their space.

Brookfield's technical and engineering staff have also completed floor-by-floor walk-throughs of One Liberty Plaza, and report that the majority of the damage is cosmetic. Windows will require replacement on the west side of the building in order to be fully operational. Brookfield has secured a large supply of panelboard which will be used to temporarily enclose windows until glass can be fully installed. Once working access to One Liberty Plaza is available, this operation will begin and should be completed in short order.

Elevators are currently functioning with auxiliary generators and they will be fully operational as soon as the power utilities are restored. No water damage, fires or collapses of any kind have occurred at One Liberty Plaza.

One Liberty Plaza did not receive any significant damage from the actual collapse of the World Trade Center towers. The damage occurred from wind conditions created by the collapse and from airborne objects striking the glass, according to the engineers. There is broken glass primarily on the west, but also the North and South facades, as well as some damaged window frames. One Liberty Plaza is anchored on bedrock and no parts of any subway run underneath the building.

John Zuccotti, Brookfield's Chairman concluded, "We are gratified to have independent confirmation of the structural soundness of this property. We are committed to rectifying the cosmetic defects as soon as we can, so that we can assist our tenants in resuming operations and business as rapidly as possible".

Brookfield Properties Corporation, with over US$8 billion in assets, owns, develops and manages premier North American office properties. Brookfield also operates real estate service businesses and develops residential master-planned communities. The Brookfield portfolio spans 60 commercial properties and development sites totaling 46 million square feet. 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.