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Trizec Announces Three Property Dispositions
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01/16/2005
CHICAGO--March 24, 2003--Trizec Properties, Inc. (NYSE: TRZ), one of North America's largest owners of commercial office properties, today announced the sale of three office properties: Rosslyn Gateway in Arlington, Va.; Goddard Corporate Park in Lanham, Md.; and New Center One in Detroit.
Trizec's Chief Operating Officer Casey Wold said, "The decision to sell these properties is consistent with our strategy to dispose of assets that are not part of our core portfolio and to take advantage of attractive pricing as market opportunities occur."
Rosslyn Gateway, a two-building complex built in 1970 and totaling 253,000 square feet, was sold on March 14 to an affiliate of The JBG Companies for $54.5 million or $215 per square foot.
As expected, Trizec also sold Goddard Corporate Park and New Center One.
Goddard Corporate Park was sold on February 25 to an affiliate of Douglas Development Company, a private Washington, D.C.-based real estate firm, for $18.3 million. Goddard is an office park comprised of two low-rise office buildings constructed in 1993 totaling 203,000 square feet and 10 acres of land.
New Center One, Trizec's remaining office building located in Detroit, was sold to Farbman Acquisitions LLC on February 25. Trizec's predecessor company developed the 496,000-square-foot property in 1983 in partnership with General Motors Corp. (NYSE: GM). Trizec owned 67 percent while General Motors owned the remaining 33 percent. Total sale proceeds and fees were $17.3 million.
Trizec Properties, Inc., a real estate investment trust (REIT), is one of North America's largest owners of commercial office properties. The Company has ownership interests in and manages a high-quality portfolio of 69 office properties totaling approximately 48 million square feet concentrated in the central business districts of seven major U.S. cities. Trizec also has interests in two retail/entertainment properties. The Company trades on the New York Stock Exchange under the symbol TRZ. For more information, visit Trizec's web site at www.trz.com.
This news release of Trizec Properties, Inc. contains forward-looking statements relating to Trizec Properties, Inc.'s business and financial outlook, which are based on Trizec Properties, Inc.'s current expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks, uncertainties, estimates and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and Trizec Properties, Inc. undertakes no obligation to update any such statement to reflect new information, the occurrence of future events or circumstances or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. Included among these factors are: changes in general economic conditions, including changes in the economic conditions affecting industries in which our principal tenants compete; insolvency, bankruptcy, credit deterioration and other adverse financial pressures affecting our tenants, vendors and market segments generally; our ability to timely lease or re-lease space at current or anticipated rents; our ability to achieve economies of scale over time; the demand for tenant services beyond those traditionally provided by landlords; changes in interest rates; changes in operating costs; changes in environmental laws and regulations and contamination events; availability and affordability of insurance coverage; the occurrence of uninsured or underinsured events; changes in asset valuations; our ability to attract and retain high quality personnel at a reasonable cost in a highly competitive labor environment; future demand for our debt and equity securities; our ability to refinance our debt on reasonable terms at maturity; our ability to access adequate credit facilities or other debt financings on acceptable terms and our ability to satisfy the terms of credit facilities and other debt financings; our ability to maintain our REIT status under the Internal Revenue Code of 1986, as amended, including, but not limited to, making the required distributions to stockholders; our ability to complete current and future development projects on time and on schedule; the possibility that income tax treaties may be renegotiated, with a resulting increase in the withholding taxes applicable to Trizec Properties, Inc.; market conditions in existence at the time we sell assets; the possibility of changes in law adverse to Trizec Properties, Inc.; and joint venture and partnership risks. Such factors include those set forth in more detail in the Risk Factors section in Trizec Properties, Inc.'s Form 10-K for the year ended December 31, 2001 filed with the U.S. Securities and Exchange Commission.
