The sale is part of Trizec Properties' strategy of consolidatingits holdings in its seven core markets, using the proceeds to paydown debt. Among the markets the REIT still hopes to exit areBaltimore, Charlotte, NC, Pittsburgh and St. Louis. TrizecProperties, which has a 41-million-sf portfolio, owns at least onemillion sf in each of the latter three markets.
"We anticipate making additional progress on this strategybefore the close of 2004," says Trizec Properties, Inc. presidentand chief executive officer Tim Callahan.
Occupancy at Capital Center II and III was most recently 73.5%.Published net lease rates at the property range from $12 per sf to$22 per sf.
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