Trizec (NYSE:TRZ)
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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.