Trizec Announces Property Dispositions; Year-to-Date Dispositions Total $445 million

Trizec Properties, Inc. (NYSE:TRZ) today announced it
has completed the disposition of two properties for a total of $105
million. The properties are Beaumeade Corporate Park in Ashburn,
Virginia and Twinbrook Metro Park in Rockville, Maryland. Including
the sale of these two properties, Trizec's year-to-date disposition
volume totals five properties for aggregate proceeds of $445 million.
   On October 18, Trizec sold Beaumeade Corporate Park for $53
million to Equinix Inc., a leading data center provider occupying
three of the six buildings at the property. Trizec acquired Beaumeade
in 1998 and developed the second phase of the property, consisting of
two buildings totaling 226,000 square feet, in 2000. Including the
original four buildings, completed in 1990, the property now totals
460,000 square feet.
   Also on October 18, Trizec sold Twinbrook Metro Park for $52
million to a private investment advisory firm. The 165,000-square-foot
office property was constructed in 1983 and acquired by Trizec in
1998.
   Brian Lipson, Trizec's Executive Vice President and Chief
Investment Officer commented, "The strength of the current investment
market continues to benefit our capital recycling efforts. With these
dispositions, we have captured the value created through proactive
asset management and strategic development. Furthermore, we executed
these transactions on a tax-efficient basis with the acquisition of a
high-quality asset in a core market during the second quarter."
   The Company expects to recognize a gain on disposition of
approximately $55 million during the fourth quarter of 2005 related to
these two sales; however, the transactions were structured as 1031
like-kind exchanges, resulting in a deferral of the Company's taxable
gains on the sale of these assets.
   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 [phone].
   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.