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NEW YORK CITY-Brookfield Properties Corp. today revealed details of its previously reported sale of Bankers Hall. Fifty percent of Brookfield’s stake in the Calgary complex went to British Columbia Investment Management Corp in a $193-million deal. Toronto-based GWL Realty Advisors Inc. will manage the buyer’s interest in the property.

“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,” says David Arthur, President and CEO of Brookfield’s Canadian operations. “This transaction follows the sale of a 50% interest in Fifth Avenue Place inCalgary in 2001 and represents the culmination of the repositioning of our Calgary portfolio,”

Bankers Hall, located in downtown Calgary, features twin 44 story office towers atop a four-story office/retailpodium. The 2.7 million-sf complex is 96% leased to high-quality tenants including EnCanaCorporation, Talisman Energy, RBC Financial and Canadian Natural Resources. Acquired from TrizecHahn in mid-2000 with 400,000 feet of vacancy in one of the twotowers still under construction, Brookfield leased the vacant space at rateshigher than projected, acquired the land leases under the property, andsubsequently finalized a long-term refinancing for the property.

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