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Trizec Outlines $2B Asset Sale to Blackstone

CHICAGO-As part of its previously announced $8.9-billion property divesture, Trizec Holdings Operating LLC is now releasing specific information.

By Dana Dubriwny | Updated on October 04, 2006

CHICAGO-As part of its previously announced $8.9-billion property divesture to New York City-based Brookfield Properties Corp. and the Blackstone Group, Trizec Holdings Operating LLC is now releasing specific information as to which properties are being sold. According to its most recent Securities and Exchange filing, the company is selling properties in Chicago, Atlanta, Dallas, Charlotte and Minneapolis to BRE/TZ Acquisitions LLC, an affiliate of the Blackstone Group, for $1.8 billion.

For $438.4 million, the Blackstone affiliate will acquire four Chicago properties that includes: Two North LaSalle, 692,000 sf; 10 S. Riverside, 685,000 sf; 120 S. Riverside, 685,000 sf; and 550 W. Washington, 372,000 sf. Additionally, BRE/TZ is purchasing the Franklin garage, a 1,010-parking-space lot at 201 W. Adams St. for $50.4 million.

In Atlanta, one 11-building office complex, one office property and four vacant land parcels are being sold for an aggregate of $300.4 million. The properties include: Interstate North Park, a 955,000-sf project consisting of 11 office buildings, for $116.6 million; Colony Square, a 837,000-sf office building, for $149.2 million; a vacant land parcel known as Interstate North Park, for $7.5 million; a vacant land parcel containing an unoccupied building known as 1372 Peachtree with a price tag of $5.6 million; and two vacant land parcels known as Buckhead for $21.5 million.

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