Trizec REIT Commits to Permanent NYC Headquarters

NEW YORK CITY-Trizec Properties Inc., a newly formed REIT subsidiary of Toronto-based TrizecHahn Corp., has revealed that it will be permanently headquartered here, with offices in the Grace Building at 42nd Street and Avenue of the Americas.

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.”