Brookfield Office Properties Agrees to Acquire Bow Parkade Adjacent to Herald Site in Downtown Calgary

Brookfield Office Properties Inc. (NYSE, TSX: BPO) today announced that it has entered into an agreement to acquire the Bow Parkade, a seven-story public parking facility located on a half city block in the heart of downtown Calgary at 6th Ave. SW and 2nd St. SW, for C$90 million.
Brookfield already owns the eastern half of the block, known as the Herald Site, on which it has an existing application to construct a 1.2-million-square-foot premier office tower. The entire block will now be able to accommodate approximately 2.8 million square feet of new development.

Acquiring the Bow Parkade provides us with enhanced flexibility to develop the Herald Site and gives us the advantage of controlling one of the most coveted city blocks in Calgary, said Jan Sucharda, president and chief executive officer of Brookfields Canadian Commercial Operations division.

Brookfield is a major commercial property owner in downtown Calgary, with eight office assets totaling 6.5 million square feet, including Bankers Hall and Suncor Energy Centre. The Herald/Bow Parkade block is downtown Calgarys foremost development site, providing Brookfield with the opportunity to create another landmark addition to its global portfolio.   

About Brookfield Office Properties

Brookfield Office Properties owns, develops and manages premier office properties in the United States, Canada and Australia. Its portfolio is comprised of interests in 110 properties totaling 78 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Denver, Toronto, Calgary, Ottawa, Sydney, Melbourne and Perth, making it the global leader in the ownership and management of office assets. Landmark properties include the World Financial Center in Manhattan, Brookfield Place in Toronto, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary, Darling Park in Sydney and City Square in Perth. The companys common shares trade on the NYSE and TSX under the symbol BPO.
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