Company officials say Trizec Properties is the nation's second-largest publicly traded office REIT, based on owned or managed square footage. Trizec senior vice president Rick Matthews tells GlobeSt.com the REIT currently has interest in 74-properties. "Approximately 80% of that portfolio is in class A office buildings across the country," with most of the REIT's holdings concentrated in New York, Chicago, Atlanta, Dallas, Houston, Los Angeles and Washington, DC.
"The most asked about asset is one that we actually don't own, which is the Sears Tower in Chicago," Matthews says. "We manage the Sears Tower and we have the option to assume ownership as of the first of next year. We hold the second mortgage on the property and under the terms of the agreement we have the option."
Matthews tell GlobeSt.com that while "we have been concentrating primarily on the launch of the REIT, going forward we will now be addressing our long-term portfolio strategy, which calls for us to focus on our core markets."
The New York headquarters staff will include top management, while "the remainder of corporate level staff is out of Chicago," Matthews adds.
Toronto-based Trizec Canada, "a company that was set up for the sole purpose of investing in Trizec Properties," is looking to sell off much of its current portfolio, most notably the lease on CN Tower in Toronto. In addition, the firm plans to shed "several European properties," Matthews notes.
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