Trizec Properties

August 02, 2005 09:00 ET

Trizec Announces Property Disposition

CHICAGO--(CCNMatthews - Aug 2, 2005) -

Trizec Properties, Inc. (NYSE:TRZ) today announced the sale of Metropolitan Square, a 1,041,000-square-foot office building in St. Louis for $165.8 million. The buyer was Metropolitan Square LLC, an entity formed by a private investment partnership. The transaction closed on July 29, 2005.

The 42-story property, located at 211 North Broadway in the downtown submarket of St. Louis, was completed in 1989. Trizec acquired the property in 1997.

Brian Lipson, Trizec's Executive Vice President and Chief Investment Officer commented, "This disposition enables us to exit another non-core market while taking advantage of the strong demand for high-quality properties such as Metropolitan Square."

Since the beginning of 2003, Trizec has made significant progress towards the repositioning of its real estate portfolio with the sale of $1.9 billion of assets, including 23 non-strategic office properties. This disposition marks the Company's exit from nine non-core markets since the beginning of 2003. The Company is primarily focused on its seven core markets and as part of its continuing capital recycling program, Trizec has purchased four premier properties located in the central business districts of Los Angeles and Washington, D.C. for approximately $1.1 billion during the past twelve months.

Trizec Properties, Inc., a real estate investment trust (REIT) headquartered in Chicago, is one of the largest owners and operators of commercial office properties in the United States. The Company has ownership interests in and manages a high-quality portfolio of 52 office properties totaling approximately 37 million square feet concentrated in the metropolitan areas of seven major U.S. cities. The Company trades on the New York Stock Exchange under the symbol TRZ. For more information, visit Trizec's web site at or call toll free at 1 (800) 891-7017.

This release contains forward-looking statements, within the meaning of the federal securities laws, relating to our business and financial outlook which are based on our current expectations, beliefs, projections, forecasts, future plans and strategies, and anticipated events or trends. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or the negative of these terms or other comparable terminology. We intend these forward-looking statements, which are not guarantees of future performance and financial condition, to be covered by the safe harbor provisions for forward-looking statements contained in the federal securities laws. Forward-looking statements are not historical facts. Instead, such statements reflect estimates and assumptions and are subject to certain risks and uncertainties that are difficult to predict or anticipate. Therefore, actual outcomes and results may differ materially from those projected or anticipated in these forward-looking statements. You should not place undue reliance on these forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements, including, without limitation, the risks described under "Item 1. Business - Risk Factors" in our 2004 Form 10-K, filed with the Securities and Exchange Commission on March 11, 2005. These factors include, without limitation, the following: changes in national and local economic conditions, including those economic conditions in our seven core markets; the extent, duration and strength of any economic recovery; our ability to maintain occupancy and to timely lease or re-lease office space; the extent of any tenant bankruptcies and insolvencies; our ability to sell our non-core office properties in a timely manner; our ability to acquire office properties selectively in our core markets; our ability to maintain REIT qualification and changes to U.S. tax laws that affect REITs; Canadian tax laws that affect treatment of investment in U.S. real estate companies; the competitive environment in which we operate; the cost and availability of debt and equity financing; the effect of any impairment charges associated with changes in market conditions; the sale or other disposition of shares of our common stock owned by Trizec Canada Inc.; our ability to obtain, at a reasonable cost, adequate insurance coverage for catastrophic events, such as earthquakes and terrorist acts; and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission.

Contact Information

  • Trizec Properties, Inc., Chicago
    Dennis C. Fabro, 312-798-6290