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.