Trizec Properties, Inc., previously known as TrizecHahn Corporation, was a

real estate investment trust A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

headquartered in

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. It was originally a Canadian company. The name is derived from the initials of the three groups (Tri) that formed Trizec Properties Ltd: Zeckendorf, Eagle Star, and Covent Gardens. In 1994, it was acquired by Peter Munk and in October 2006, it was acquired by Brookfield Properties and

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History

Trizec was founded in 1960 by William Zeckendorf with British associates recapitalize the Place Ville Marie development in

Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...

. In the 1970s, the Toronto branch of the

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acquired a 50.1% controlling interest in Trizec through its holding company, Edper Investments. The Bronfmans were also owners of Carena Properties, successor to the Canadian Arena Company. In the 1980s, Trizec acquired The Hahn Company. In 1984, Trizec acquired a controlling interest in Toronto-based property developer Bramalea Ltd. After adding $5 billion in debt to finance rapid expansion during the 1980s property boom, Bramalea collapsed in the early 1990s, and in 1995, its U.S. subsidiary went bankrupt in the largest bankruptcy of a U.S. house developer. With restructuring of Trizec, Edper's equity was reduced to a nominal amount. In 1994, Trizec Corporation was acquired by Peter Munk's Horsham Corporation. It moved its headquarters from Calgary to Toronto. Horsham Corporation and Trizec Corporation were amalgamated in 1996 to form TrizecHahn Corporation. In 1997, it acquired a controlling interest in the Sears Tower (now the

Willis Tower The Willis Tower, formerly and still commonly referred to as the Sears Tower, is a 110-storey, story, skyscraper in the Chicago Loop, Loop community area of Chicago in Illinois, United States. Designed by architect Bruce Graham and engineer F ...

) in Chicago for $70 million with payment of an additional $40 million for a garage next door. It also acquired a portfolio of assets from The JBG Companies for $560 million. In November 1998, the company sold a portfolio of

shopping mall A shopping mall (or simply mall) is a large indoor shopping center, usually Anchor tenant, anchored by department stores. The term ''mall'' originally meant pedestrian zone, a pedestrian promenade with shops along it, but in the late 1960s, i ...

s, including Westfield Santa Anita to

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for $1.4 billion. In 1999, the company acquired

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for $390 million from Chase Manhattan Bank. By early 2000, 80% of TrizecHahn's revenues was from the United States and the company moved its headquarters to Chicago and sold all holdings it held in Canada, changing its name to Trizec. In 2001, it sold noncore assets for $417 million. In April 2002, the company received permission to convert to a public

. In November 2002, after the

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, the company wrote down two-thirds of the $70 million investment it made in 1997 to gain control of the Sears Tower. In February 2004, the company sold its interest in Hollywood & Highland to CIM Group for $200 million. In May 2006, the company acquired 13 office properties in

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from Arden Realty for $1.63 billion. In October 2006, Brookfield Properties and

acquired the company for $8.9 billion.

Headquarters locations

When it was Canada-based, the headquarters in the early 1970s were in Place Ville Marie in

Montreal, Quebec Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...

. After a first move to

Calgary, Alberta Calgary () is a major city in the Provinces and territories of Canada, Canadian province of Alberta. As of 2021, the city proper had a population of 1,306,784 and a Metropolitan area, metropolitan population of 1,481,806 making it the List of ...

in 1976 by then company President Harold Milavsky, the headquarters were moved again to

Toronto, Ontario Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...

in 1995, where the headquarters were in the BCE Place. In 2004, the company was headquartered at Suite 4600 of the

in the

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. It later moved to the Near West Side.

References

{{Authority control 1923 establishments in Quebec 2006 disestablishments in Illinois Canadian companies established in 1923 Companies disestablished in 2006 Defunct companies based in Chicago Defunct real estate companies of the United States Real estate companies established in 1923 Blackstone Inc. companies