Trizec (NYSE:TRZ)
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Trizec Properties, Inc. (NYSE:TRZ) today announced that
a joint venture partnership between Trizec and Principal Real Estate
Investors acquired the Victor Building, a fully occupied
343,000-square-foot office property located at 750 Ninth Street, N.W.
in Washington, D.C., for $157.5 million. Trizec and Principal have a
49.9% and 50.1% respective ownership interest in the joint venture.
Trizec will manage and lease the property on behalf of the joint
venture.
Completed in 2000, the Victor Building is a nine-story, Class A
property located in the East End submarket of Washington's central
core. The building's exterior finishes include natural stone, concrete
and brick with punched windows to blend with the retained historic
facade. The lobby interior is finished in high quality natural stone,
brass and wood paneling. The property offers spectacular views from
the upper floors of the Washington Monument, the Old Post Office
Pavilion, and the Washington, D.C. skyline. The property also includes
four levels of underground parking that provides 238 spaces.
The entire 321,000 square feet office component is currently
leased to The Smithsonian Institution, of which, approximately 213,000
square feet is scheduled to expire in late 2006. The Smithsonian
Institution will continue to occupy the building's second through
fourth floors, representing approximately 30% of the property, on a
long-term basis through 2020.
Tim Callahan, Trizec's President and Chief Executive Officer
commented, "The Victor Building is our second acquisition in the
vibrant East End submarket this year, a market we believe will
continue to thrive. We are pleased to have acquired this property with
a quality institutional partner such as Principal Real Estate
Investors and as we look at other investment opportunities, it is a
model we would like to employ with greater frequency."
Brian Lipson, Trizec's Executive Vice President and Chief
Investment Officer added, "With high-quality construction and a prime
location near the MCI Center and the bustling 9th Street corridor that
offers numerous shops, restaurants, hotels and public transportation
options, the Victor Building fits very well with our portfolio
strategy. The East End office market has excellent and continuing
momentum and we look forward to capturing additional value from the
lease up of the top floors of the property."
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 50
office properties totaling approximately 37 million square feet
concentrated in the metropolitan areas of seven major U.S. cities.
Including the Victor Building, Trizec's 4.3 million-square-foot
portfolio in the Washington, D.C. metro area includes 9 premier office
buildings totaling 2.1 million square feet in the District, along with
ten properties located in the Suburban Maryland and Northern Virginia
markets. Trizec also has an interest in the high-profile Waterview
mixed-use development in Rosslyn, Va. 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.