"We had hoped to make substantial progress on the repositioning of our portfolio during the past few months, and we fully accomplished what we set out to do," says Trizec Properties president and chief executive officer Tim Callahan. "We are entering 2005 well positioned to take advantage of opportunities as they present themselves."
While exiting five non-core markets in 2004, Trizec Properties has five more properties in play, including two in Charlotte totaling nearly 1.4 million sf, the 1-million-sf Metropolitan Square in St. Louis, the 813,000-sf Northstar Center in Minneapolis and 770,000-sf Williams Center buildings in Tulsa, OK. Despite the Baltimore sale, the REIT still considers the Washington, DC area a core market, with 1.4 million sf in the city and another three million sf in the Maryland and Virginia suburbs.
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