Office Properties Lease Reports 2010 Results

Brookfield Properties Corporation ("Brookfield Office Properties") ( BPO | PowerRating: NYSE, TSX) today announced that net income attributable to common shareholders for the year ended December 31, 2010 was $1,552 million or $2.73 per diluted share, compared with a loss of $220 million or ($0.52) per diluted share in 2009.
HIGHLIGHTS OF THE FOURTH QUARTER
Leased 2.2 million square feet of space during the quarter at an average net rent of $36 per square foot. Full year leasing totaled 6.9 million square feet, 1.5 times 2009's full year leasing activity and above the company's five-year average leasing total of 6.5 million square feet. Highlights from the quarter include:
New York -- 733,000 square feet
A new 10-year lease with Societe Generale for 444,000 square feet at 245 Park Avenue A five-year renewal with Bank of America/Merrill Lynch for 111,000 square feet at Newport Tower in Jersey City, NJ
Calgary -- 330,000 square feet
A 13-year renewal and expansion with Suncor Energy for 184,000 square feet at Suncor Energy Centre A 10-year renewal and expansion with West Coast Energy Inc. for 125,000 square feet at Fifth Avenue Place
Toronto -- 262,000 square feet
An 11-year renewal with HSBC Bank Canada for 109,000 square feet at HSBC Building
Houston -- 256,000 square feet
A nine-year expansion with BNP Paribas for 49,000 square feet at Three Allen Center
Los Angeles -- 220,000 square feet
A new 20-year lease with Target Corp. for 98,000 square feet of space at 7th & Fig retail center An eight-year renewal with Occidental Petroleum subsidiary Oxy Long Beach Inc. for 52,000 square feet at Landmark Square
Washington, DC -- 165,000 square feet
A new 15-year lease with Federal Retirement Thrift Investment Board for 55,000 square feet at 77 K Street, NE A 10-year extension and expansion with Institute of International Education for 41,000 square feet at 1400 K Street, NW
Reduced 2013 lease expiry exposure by leasing an additional 736,000 square feet subsequent to quarter end:
Leased 500,000 square feet to Bank of Montreal at First Canadian Place in Toronto. The renewal, which commences upon the original lease's expiry in 2013, will extend a further ten years to 2023. BMO maintains a separate lease in the building for over 500,000 square feet, also expiring in 2023, bringing its total occupancy at First Canadian Place to over one million square feet. Leased 236,000 square feet at Two World Financial Center in New York to OppenheimerFunds for a 15-year term, commencing upon expiration of its sublease with Bank of America/Merrill Lynch in October 2013. w.tradingmarkets.com