August 29, 2003 |
MetLife Inc. on Thursday acquired the Sears Tower in Chicago, buying Trizec Properties Inc.'s interest in the tallest U.S. building for $9 million. The transaction allowed Trizec to avoid assuming a $766-million mortgage debt. "It's a terrific building, but it just wasn't right for us to own it at this time," said Rick Matthews, a spokesman for Trizec, the second-largest office real estate investment trust. Toronto-based Trizec, seeking to reduce its $3.2-billion debt, will continue as building manager and leasing agent.
January 18, 2003 |
Retail real estate executive Lee Wagman, who oversaw development of the Hollywood & Highland and Paseo Colorado shopping centers, announced his departure from Trizec Properties Inc. to start his own investment firm. Wagman, who is president of Los Angeles-based Trizec Retail & Entertainment, joined the company eight years ago and helped launch a dramatic expansion that has met with mixed results.
January 4, 2003 |
Yet another area mall has been snapped up. Developers Diversified Realty Corp., the builder of the Pike retail project on the Long Beach shore, said it and a partner would buy the Paseo Colorado shopping center in Pasadena for $114 million from Trizec Properties Inc. Developers Diversified said in a Securities and Exchange Commission filing that it was acquiring 25% of the site for $28.4 million. The lead buyer was not identified, but Pasadena real estate sources say it is Lehman Bros.
June 8, 2002 |
Expanding its Los Angeles-area holdings, Trizec Properties Inc., the nation's second-largest owner of office space, said Friday that it had bought out its joint venture partner in the 41-story Ernst & Young Plaza in downtown Los Angeles for $112.4 million. New York-based Trizec bought the 75% of the complex it did not own from one of Goldman Sachs Group's Whitehall Street real estate funds. The deal values the property at Figueroa and 7th streets at about $149 million.
September 11, 1996 |
Horsham Seeks Merger With Trizec: The Toronto gold and oil holding company said it made the offer to Trizec Corp., in which it holds a 48% stake, in a deal that would create a real estate company with a market capitalization topping $1.5 billion. Toronto-based Trizec is one of North America's largest publicly traded real estate firms. Horsham Corp. also has stakes in Toronto-based Barrick Gold Corp., the world's third-biggest gold producer, and St. Louis-based refiner Clark USA Inc.
July 4, 1995
Trizec Properties Inc. said it has signed a $20-million lease deal with Panavision Inc. at Warner Center. The film equipment manufacturing and rental company will rent 152,454 square feet on 10.46 acres, the property management company said. Panavision is expected to take occupancy by June, 1996. Panavision is currently located in Tarzana. The current occupant of the Warner Center site, Dataproducts Corp., is expected to move to Simi Valley later this year, Trizec said.