Brookfield Sells Half Interest In Bankers Hall In Calgary.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 6, 2002

Brookfield (NYSE:BPO)(TSX:BPO) announced today it has sold a 50% interest in its Bankers Hall complex in Calgary to British Columbia Investment Management Corporation whose interest in the complex will be managed by GWL Realty Advisors Inc. This transaction generated net proceeds for Brookfield of US$72 million, net of non-recourse debt on the property based on a sale price of US$193 million.

"The sale of a half interest in Bankers Hall is confirmation of the strength of our proactive portfolio management strategy in which we acquire premier assets at below replacement value, intensively manage these assets to surface value for shareholders, and establish partnerships with high-quality institutional partners who are seeking to participate in the stable growth of these assets. This transaction follows the sale of a 50% interest in Fifth Avenue Place in Calgary in 2001 and represents the culmination of the repositioning of our Calgary portfolio," said David Arthur, President and CEO of Brookfield's Canadian operations.

Bankers Hall is a premier office development in the heart of downtown Calgary, which features twin 44 story office towers atop a four story office/retail podium. Bankers Hall is 96% leased to high-quality tenants including EnCana Corporation, Talisman Energy, RBC Financial and Canadian Natural Resources. Acquired in mid-2000 with 400,000 feet of vacancy in one of the two towers still under construction, Brookfield leased the vacant space at rates higher than projected, acquired the land leases under the property, and subsequently finalized a long-term refinancing for the property.

Brookfield Properties Corporation, with a stock market value of US$9 billion in assets, owns, develops and manages premier North American 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.

GWL Realty Advisors Inc, a wholly-owned subsidiary of The Great-West Life Assurance Company, is one of Canada's largest real estate investment advisors, providing comprehensive asset management, property management and specialized real estate advisory services to pension funds and other clients. In the past six years, the company has grown its assets under management from $1 billion to almost $6 billion today. Further information about GWL Realty Advisors Inc can be found on its website at www.gwlrealtyadvisors.com