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UPDATE: Trizec Dissolves With $9B Merger Complete

CHICAGO-Brookfield Properties Corp. and the Blackstone Group complete the $9-billion acquisition of Trizec Properties Inc. and Trizec Canada Inc.

By Dana Dubriwny | Updated on October 05, 2006

CHICAGO-Joint venture partners New York City-based Brookfield Properties Corp. and the Blackstone Group have completed the $9-billion acquisition of Trizec Properties Inc. and Trizec Canada Inc.

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.

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