Trizec Exits Tulsa with Sale of 770,000-Square-Foot Williams Center; Trizec Continues to Execute Investment Strategy to Recycle
10 Gennaio 2006 - 3:00PM
Business Wire
Trizec Properties, Inc. (NYSE:TRZ) today announced the sale of the
770,000-square-foot Williams Center I & II property in Tulsa,
Okla., to an investor group headed by Metropolitan Real Estate
Investors, LLC, for $42.5 million. With this transaction, Trizec
has exited the Tulsa market, consistent with the company's
long-term goal to recycle capital from non-core markets into
targeted submarkets. Since the beginning of 2003, Trizec has
successfully narrowed its focus and exited 10 non-core markets,
including Tulsa with the sale of Williams Center. Brian Lipson,
Trizec's executive vice president and chief investment officer
commented, "While Williams Center is one of Tulsa's premier office
properties, our objective in this transaction is to further
concentrate our investment in select markets where we can leverage
portfolio efficiencies and build strategic asset concentrations."
Built in 1982 and renovated in 1998, Williams Center is a Class A
office property comprised of two towers, and is centrally located
in downtown Tulsa. Trizec has owned the property since December
1998. Trizec Properties, Inc., a real estate investment trust
(REIT) headquartered in Chicago, is one of the largest owners and
operators of commercial office properties in the United States. The
Company has ownership interests in and manages a high-quality
portfolio of 49 office properties totaling approximately 36 million
square feet concentrated in the metropolitan areas of seven major
U.S. cities. The Company trades on the New York Stock Exchange
under the symbol TRZ. For more information, visit Trizec's Web site
at www.trz.com or call toll free at 1 (800) 891-7017. This release
contains forward-looking statements, within the meaning of the
federal securities laws, relating to our business and financial
outlook which are based on our current expectations, beliefs,
projections, forecasts, future plans and strategies, and
anticipated events or trends. In some cases, you can identify
forward-looking statements by terms such as "may," "will,"
"should," "expects," "plans," "anticipates," "believes,"
"estimates," "predicts," "potential" or the negative of these terms
or other comparable terminology. We intend these forward-looking
statements, which are not guarantees of future performance and
financial condition, to be covered by the safe harbor provisions
for forward-looking statements contained in the federal securities
laws. Forward-looking statements are not historical facts. Instead,
such statements reflect estimates and assumptions and are subject
to certain risks and uncertainties that are difficult to predict or
anticipate. Therefore, actual outcomes and results may differ
materially from those projected or anticipated in these
forward-looking statements. You should not place undue reliance on
these forward-looking statements. A number of important factors
could cause actual results to differ materially from those
indicated by the forward-looking statements, including, without
limitation, the risks described under "Item 1. Business - Risk
Factors" in our 2004 Form 10-K, filed with the Securities and
Exchange Commission on March 11, 2005. These factors include,
without limitation, the following: changes in national and local
economic conditions, including those economic conditions in our
seven core markets; the extent, duration and strength of any
economic recovery; our ability to maintain occupancy and to timely
lease or re-lease office space; the extent of any tenant
bankruptcies and insolvencies; our ability to sell our non-core
office properties in a timely manner; our ability to acquire office
properties selectively in our core markets; our ability to maintain
REIT qualification and changes to U.S. tax laws that affect REITs;
Canadian tax laws that affect treatment of investment in U.S. real
estate companies; the competitive environment in which we operate;
the cost and availability of debt and equity financing; the effect
of any impairment charges associated with changes in market
conditions; the sale or other disposition of shares of our common
stock owned by Trizec Canada Inc.; our ability to obtain, at a
reasonable cost, adequate insurance coverage for catastrophic
events, such as earthquakes and terrorist acts; and other risks and
uncertainties detailed from time to time in our filings with the
Securities and Exchange Commission.
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