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CHICAGO-Joint venture partners New York City-based Brookfield Properties Corp. and the Blackstone Group have completed the $9-billion acquisition of Trizec Properties Inc. and Trizec Canada Inc.

In a statement regarding the completed acquisition, Peter Munk, chairman of both Trizec Properties and Trizec Canada called the deal “one of the largest REIT acquisitions in the history of the industry.” Tim Callahan, Trizec Properties’ president & chief executive officer, added that “while the closing of our merger brings Trizec to an end, it also marks a new beginning for many of our employees and customers under the Brookfield and Blackstone banners.”

Under the agreement, Brookfield Properties and the Blackstone Group acquired 48 office properties comprising approximately 26 million sf of office space located in Houston, Los Angeles, New York, San Diego and Washington, DC. The joint venture transaction is valued at approximately $7.2 billion.

As GlobeSt.com previously reported , the company recently completed the sale of 13 office properties, as well as parking lots and land parcels totaling approximately 13.3 million sf in Atlanta, Charlotte, NC, Chicago, Dallas, and Minneapolis. The sale to BRE/TZ Acquisitions LLC, an affiliate of the Blackstone Group, totaled $1.8 billion.

Holders of Trizec Properties common stock will receive US $29.02 per share in cash, while holders of Trizec Canada shares will receive US $30.98 per share outstanding immediately prior to the arrangement.

Morgan Stanley and JPMorgan acted as financial advisers to Trizec Properties. JPMorgan also provided a fairness opinion for Trizec Properties, while Washington, DC-based Hogan & Hartson LLP acted as legal adviser to Trizec Properties. New York City-based RBC Capital Markets acted as financial adviser to and provided a fairness opinion for Trizec Canada, and Toronto-based Davies Ward Phillips & Vineberg LLP acted as its legal adviser.

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