Trizec Properties

Trizec Properties
real estate investment trust
Traded as NYSE: TRZ
Founded 1923
Headquarters Chicago, Illinois

Trizec Properties, Inc. (NYSE: TRZ[1]), previously known as TrizecHahn Corporation (TSE and NYSE:[2] TZH[3]), was a real estate investment trust (REIT) company headquartered in Chicago, Illinois.[4] It was historically a Canadian company.[5] The name is derived from the three groups (Tri) that formed a one-time related company Trizec Properties Ltd to develop Place Ville Marie in Montreal. Developer William Zeckendorf (Z) initially financed the project with capital provided by two UK insurance companies, Eagle Star (E) and Covent Gardens (C), which formed the word Trizec.

Prior to the 2006 acquisition by Brookfield Properties, the owner was Peter Munk, who acquired the company through a highly publicized reorganization in 1994.[6]

History

The company was founded in 1923.[4]

In the 1970s the Toronto branch of the Bronfman family acquired a 50.1% controlling interest in Trizec through their holding company, Edper Investments. In the 1980s Trizec acquired The Hahn Company. In 1984 TrizecHahn acquired a controlling interest in Toronto-based property developer Bramalea Ltd.. After acquiring some $5 billion worth of debt to finance rapid expansion during the 1980s property boom, Bramalea collapsed in the early 1990s, and in 1995 its US subsidiary went bankrupt in the largest bankruptcy of a US house developer. With restructuring of Trizec during this time, Edper's equity was reduced to a nominal amount. Trizec Corporation was purchased by Horsham Corporation in 1994,[7] and moved its headquarters from Calgary to Toronto. Horsham Corporation and Trizec Corporation were amalgamated in 1996 to form TrizecHahn Corporation,[8] with the name change reflecting the previous acquisition of The Hahn Company.

By early 2000, 80% of TrizecHahn's revenues originated from the United States. For that reason, the company moved its headquarters to Chicago and sold all holdings it held in Canada. At a later point its name changed back to Trizec.[9]

In 1997 it acquired the Sears Tower (now the Willis Tower) in Chicago for $70 million with payment of an additional $40 million for a garage next door.[10]

In 2001 it sold some noncore assets for $417 million, with $238 million remaining after it made payments on the debt.[5]

By 2002 the company was still selling Canadian assets, and it also was selling European assets. Its new focus was American high rise, urban office towers. In 2002 the company received permission to convert to an REIT. Trizec Properties Inc. was to be traded on the New York Stock Exchange and Trizec Canada was to trade on the Toronto Stock Exchange.[11]

In 2006 Brookfield Properties and Blackstone Group acquired the company. The payment price was $4.8 billion and the new owners assumed debts of $4.1 billion.[6]

Corporate affairs

When it was Canada-based, the headquarters in the early 1970s were in Place Ville Marie in Montreal, Quebec. After a first move to Calgary, Alberta in 1976 by then company President Harold Milavsky, the headquarters were moved again to Toronto, Ontario [10] in 1995, where the headquarters were in the BCE Place.[12]

The company at one time had its headquarters at Suite 4600 of the Sears Tower in the Chicago Loop area of Chicago, Illinois, U.S.[13] It later moved to the Near West Side.[14]

References

  1. ↑ Home (Archive). Trizec Properties. February 13, 2003. Retrieved on March 8, 2014.
  2. ↑ "Corporate Profile" (Archive). Trizec Hahn. February 3, 2001. Retrieved on March 8, 2014. "TSE, NYSE listed (TZH)"
  3. ↑ "TrizecHahn Corp TZH:US" (Archive) Bloomberg Markets. Retrieved on March 8, 2014.
  4. 1 2 "Company Overview of Trizec Properties, Inc." (Archive) Businessweek. Retrieved on March 8, 2014. "10 South Riverside Plaza Suite 1100 Chicago, IL 60606"
  5. 1 2 "Company News — TrizecHahn Sells Its Noncore Assets for $417 Million." The New York Times. February 1, 2011. Retrieved on March 8, 2014.
  6. 1 2 From Los Angeles Times Staff Reports and Bloomberg News. "Trizec Properties to Change Hands in 2nd-Largest REIT Acquisition." Los Angeles Times. June 6, 2006. Retrieved on March 8, 2014.
  7. ↑ DePalma, Anthony "Big Canadian Merger Planned For Developer." The New York Times. September 11, 1996. Retrieved on June 26, 2017.
  8. ↑ "Peter Munk." Canadian Business Hall of Fame. Retrieved on June 26, 2017.
  9. ↑ Place Ville Marie: Montreal's Shining Landmark. Québec Amerique, 2012. ISBN 2764411596, 9782764411599. Page number not stated (Google Books PT184).
  10. 1 2 Feder, Barnaby J. "Trizec Hahn's Office Group Buys Sears Tower in Chicago." The New York Times. December 4, 1997. Retrieved on March 8, 2014.
  11. ↑ "Company News — TrizecHahn to Become Real Estate Investment Trust." The New York Times. April 24, 2002. Retrieved on March 8, 2014.
  12. ↑ "Contact Us" (Archive) Trizec Hahn. April 23, 1999. Retrieved on March 8, 2014. "TrizecHahn Corporation BCE Place, 181 Bay Street Suite 3900, Box 800 Toronto, Ontario M5J 2T3"
  13. ↑ "Contact Us" (Archive) Trizec Properties. April 11, 2003. Retrieved on March 8, 2014. "Corporate Headquarters Trizec Properties, Inc. 233 S. Wacker Drive, Suite 4600 Chicago, IL 60606" and "Trizec Properties, Inc. - Chicago Sears Tower 233 S. Wacker Drive, Suite 3530 Chicago, Illinois 60606"
  14. ↑ "Contact Us" (Archive). Trizec Properties. April 11, 2003. Retrieved on March 8, 2014. "Corporate Headquarters Trizec Properties, Inc. 10 S. Riverside Plaza, Suite 1100 Chicago, IL 60606"
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.