Canada’s Tallest Office Building to Undergo Major Interior and
Exterior Renovation to Achieve LEED Certification
TORONTO--(BUSINESS WIRE)--Sep. 23, 2009--
Brookfield Properties Corporation (BPO: NYSE, TSX), its Canadian-based
subsidiary, BPO Properties Ltd. (BPP: TSX), along with ownership
partners Canada Pension Plan Investment Board (CPPIB) and Alberta
Investment Management Corporation (AIMCo), today announced that First
Canadian Place in downtown Toronto will undergo a thorough renovation
program, including a total recladding of the building’s exterior with
glass spandrel panels to replace the existing white marble. The project
will begin immediately and is expected to be completed by the end of
2011.
“This rejuvenation program will reinforce the iconic status of one of
Canada’s most prominent and recognizable buildings,” said Tom Farley,
President & CEO of Canadian Commercial Operations for Brookfield
Properties.
The overall recladding project includes the installation of 7,800 glass
spandrel panels on the building façade, totaling 375,000 square feet;
the existing 45,000 pieces of marble will be removed and recycled. One
glass spandrel panel replaces eight pieces of marble. The existing
windows will remain in place.
The spandrel panels are a laminated glass assembly utilizing ceramic
frit as well as clear and opaque interlayer technologies. Inspired by
historic patterns and geometry used by First Canadian Place architect
Edward Durell Stone, the frit design projects a luminous white texture
on the building façade from top to bottom, updating the original
appearance of the white Carrera marble. Bronze laminate glass will be
applied along the four recessed vertical corners to emphasize the
building’s form and height. Laminate glass was selected for its
strength, sustainability and safety.
Moed de Armas & Shannon Architects are the design architects while B+H
Architects are the Architects of Record, as they were when the tower was
originally built in 1975. The fritting was designed by Doyle Partners.
In addition to the recladding, the office lobbies, retail areas and
mechanical and electrical systems of First Canadian Place will undergo
extensive renovation. Enhanced energy conservation measures and
infrastructure upgrades will be made in order to obtain LEED – EB:OM
certification (Leadership in Energy and Environmental Design for
Existing Buildings: Operations and Maintenance). The update includes a
complete chiller and transformer replacement and the installation of
high-efficiency toilets and faucets.
First Canadian Place was acquired by Brookfield and its partners in
2005. The 72-storey, 2.8-million-square foot office tower is 95% leased.
Further information on the renovation program can be found at www.redefiningfirst.com.
Brookfield Properties Profile
Brookfield Properties owns, develops and manages premier office
properties. Its current portfolio is comprised of interests in 108
properties totaling 75 million square feet in the downtown cores of New
York, Boston, Washington, D.C., Los Angeles, Houston, Toronto, Calgary
and Ottawa, making it one of the largest owners of commercial real
estate in North America. Landmark assets include the World Financial
Center in Manhattan, Brookfield Place in Toronto, Bank of America Plaza
in Los Angeles and Bankers Hall in Calgary. The company’s common shares
trade on the NYSE and TSX under the symbol BPO. For more information,
visit www.brookfieldproperties.com.
BPO Properties Profile
BPO Properties Ltd., 90% owned by Brookfield Properties Corporation, is
a Canadian company that invests in real estate, focusing on the
ownership and value enhancement of premier office properties. The
current property portfolio is comprised of interests in 27 commercial
properties totaling 18.1 million square feet. Landmark properties
include First Canadian Place in Toronto and Bankers Hall in Calgary. BPO
Properties’ common shares trade on the TSX under the symbol BPP. For
more information, visit www.bpoproperties.com.
Forward-Looking Statements
This press release contains forward-looking statements and information
within the meaning of applicable securities legislation. Although
Brookfield Properties and BPO Properties believe that the anticipated
future results, performance or achievements expressed or implied by the
forward-looking statements and information are based upon reasonable
assumptions and expectations, the reader should not place undue reliance
on forward-looking statements and information because they involve known
and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the company to differ
materially from anticipated future results, performance or achievement
expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those
set forth in the forward-looking statements and information include
general economic conditions; local real estate conditions, including the
development of properties in close proximity to the companies’
properties; timely leasing of newly-developed properties and re-leasing
of occupied square footage upon expiration;; the uncertainties of real
estate development ; interest rates; availability of equity and debt
financing; and other risks and factors described from time to time in
the documents filed by the companies with the securities regulators in
Canada and the United States including in the Annual Information Form
under the heading "Business of Brookfield Properties (BPO Properties) -
Company and Real Estate Industry Risks." The companies undertake no
obligation to publicly update or revise any forward-looking statements
or information, whether as a result of new information, future events or
otherwise, except as required by law.
Source: Brookfield Properties Corporation
Brookfield Properties Corporation
Melissa Coley, 212-417-7215
Vice
President, Investor Relations and Communications
melissa.coley@brookfieldproperties.com
