|By Marketwired .||
|November 13, 2013 05:53 PM EST||
NEW YORK, NY -- (Marketwired) -- 11/13/13 -- Brookfield Office Properties Inc. (NYSE: BPO) (TSX: BPO) today announced that it has signed a 20-year lease with global law firm Jones Day for 330,000 square feet at 250 Vesey Street, one of the four towers within the eight-million-square-foot Brookfield Place campus in Downtown Manhattan.
Jones Day -- which will be relocating its New York offices from east Midtown -- will occupy floors 27 to 34 at 250 Vesey Street, which offer sweeping views of the Hudson waterfront and Statue of Liberty and direct access to New York's most connected transit hub. The 330,000-square-foot block was previously leased to Bank of America/Merrill Lynch under a lease that expired in October 2013.
"Jones Day's decision to relocate from Midtown is yet another example of a firm migrating downtown for its unique lifestyle and transit offerings, paired with appealing economics," said Dennis Friedrich, chief executive officer of Brookfield Office Properties. "Enhanced transportation and infrastructure, along with luxury retail and new restaurants from world-renowned chefs, have transformed and energized this area. Jones Day is a highly valued, prestigious tenant and we are pleased to welcome them to Brookfield Place."
Wesley Johnson, partner-in-charge of Jones Day's New York office, said: "We are delighted to announce our decision to lease the top eight floors of 250 Vesey Street. This decision reflects Jones Day's commitment to the sustained growth of our New York office and practice, and our conviction that New York City will continue to be the hub of the world's most sophisticated and high value legal work in the years ahead. We also think it is important to participate in the revitalization of downtown Manhattan. The Brookfield complex, completely upgraded, will permit us to design an efficient and state of the art facility, where we will practice for decades to come."
Jones Day was represented in lease negotiations by Mitch Steir, Matt Barlow and David Goldstein of Studley. Brookfield was represented in-house.
Brookfield Place is in the midst of a $250-million repositioning program of its retail and common areas, which will be completed in 2014. Brookfield Place will be opening 14 fast-casual eateries, six sit-down restaurants, a waterfront marketplace and a curated collection of more than 30 luxury and aspirational retailers.
The complex's new glass pavilion entrance on West Street -- which connects to the World Trade Center transit hub -- opened to the public last month. The two-level lobby renovation and elevator modernization program at 250 Vesey St. will be complete in December 2013.
With this transaction, Brookfield Place's year-to-date total volume is 945,000 square feet across 35 leases spanning eight industries: legal, finance, media, fashion, culinary, childcare, professional services and fitness.
About Brookfield Office Properties
Brookfield Office Properties owns, develops and manages premier office properties in the United States, Canada, Australia and the United Kingdom. Its portfolio is comprised of interests in 114 properties totaling 85 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Denver, Seattle, San Francisco Toronto, Calgary, Ottawa, London, Sydney, Melbourne and Perth, making it the global leader in the ownership and management of office assets. Landmark properties include Brookfield Places in New York City, Toronto and Perth, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary, and Darling Park in Sydney. The company's common shares trade on the NYSE and TSX under the symbol BPO. For more information, visit www.brookfieldofficeproperties.com.
About Jones Day
Jones Day is a global law firm with 40 offices in the major centers of business and finance throughout the world. Ranked among the world's best and most integrated law firms, and perennially ranked among the best in client service, Jones Day acts as principal outside counsel to, or provides significant legal representation for, approximately half of the Fortune 500, Fortune Global 500, and FT Global 500. With nearly 300 lawyers, the New York office is the Firm's largest, and among the largest in New York. Since opening in 1986, it has provided a full range of legal services to local, national, and global clients, seamlessly integrated into Jones Day's One Firm Worldwide organization. New York attorneys provide comprehensive legal services with particular emphasis on transactional matters (including mergers and acquisitions, private equity, capital markets, banking and finance, and real estate); business restructuring; tax; intellectual property; and a full array of litigation and arbitration services in areas such as appellate, labor and employment, general commercial, and products liability.
Forward Looking Statements
This press release contains "forward-looking information" within the meaning of Canadian provincial securities laws and applicable regulations and "forward-looking statements" within the meaning of "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding our operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as "expects," "anticipates," "plans," "believes," "estimates," "seeks," "intends," "targets," "projects," "forecasts," "likely," or negative versions thereof and other similar expressions, or future or conditional verbs such as "may," "will," "should," "would" and "could."
Although we believe that our 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, many of which are beyond our control, which may cause our actual results, performance or achievements 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 contemplated or implied by forward-looking statements include, but are not limited to: risks incidental to the ownership and operation of real estate properties including local real estate conditions; the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the ability to enter into new leases or renew leases on favorable terms; business competition; dependence on tenants' financial condition; the use of debt to finance our business; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; uncertainties of real estate development or redevelopment; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; risks relating to our insurance coverage; the possible impact of international conflicts and other developments including terrorist acts; potential environmental liabilities; changes in tax laws and other tax related risks; dependence on management personnel; illiquidity of investments; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits therefrom; operational and reputational risks; catastrophic events, such as earthquakes and hurricanes; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements or information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.
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