Trizec Properties

Trizec was founded in 1960 by William Zeckendorf with British associates recapitalize the Place Ville Marie development in Montreal.{{Cite news | url=https://www.nytimes.com/1964/10/15/archives/zeckendorf-unit-cuts-investment-business-centers-dropped-by-webb.html | title=ZECKENDORF UNIT CUTS INVESTMENT; Business Centers Dropped by Webb & Knapp (Canada) | work=The New York Times | date=October 15, 1964 | url-access=subscription}}

In the 1970s, the Toronto branch of the Bronfman family 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.{{cite news | last=DePalma | first=Anthony | url=https://www.nytimes.com/1996/09/11/business/big-canadian-merger-plan-for-developer.html | title=Big Canadian Merger Planned For Developer | work=The New York Times | date=September 11, 1996 | url-access=subscription}}

It moved its headquarters from Calgary to Toronto. Horsham Corporation and Trizec Corporation were amalgamated in 1996 to form TrizecHahn Corporation.{{cite web | url=https://cbhf.ca/peter-munk | title=Peter Munk | publisher=Canadian Business Hall of Fame}}

In 1997, it acquired a controlling interest in the Sears Tower (now the Willis Tower) in Chicago for $70 million with payment of an additional $40 million for a garage next door.{{cite news | last=Feder | first=Barnaby J. | url=https://www.nytimes.com/1997/12/04/business/trizec-hahn-s-office-group-buys-sears-tower-in-chicago.html | title=Trizec Hahn's Office Group Buys Sears Tower in Chicago | work=The New York Times | date=December 4, 1997 | url-access=subscription}} It also acquired a portfolio of assets from The JBG Companies for $560 million.{{cite news | url=https://www.bizjournals.com/washington/stories/1997/09/29/story1.html | title=JBG selling portfolio to TrizecHahn | first=Douglas | last=Fruehling | work=American City Business Journals | date=September 29, 1997}}{{cite news | url=https://www.wsj.com/articles/SB875488402202468500 | title=TrizecHahn Agrees to Buy JBG, Increasing Washington Assets | first=Larry M. | last=Greenberg | work=The Wall Street Journal | date=September 29, 1997 | url-access=subscription}}

In November 1998, the company sold a portfolio of shopping malls, including Westfield Santa Anita to Westfield Group for $1.4 billion.{{cite news | url=https://labusinessjournal.com/news/1999/jan/04/westfield/ | title=Westfield | work=Los Angeles Business Journal | date=January 4, 1999}}

In 1999, the company acquired 1 New York Plaza for $390 million from Chase Manhattan Bank.{{cite news | url=https://www.nytimes.com/1999/03/17/nyregion/commercial-real-estate-purchase-one-new-york-plaza-reflects-toronto-company-s.html | title=Commercial Real Estate; Purchase of One New York Plaza Reflects Toronto Company's Role | last=Oser | first=Alan | work=The New York Times |date=March 17, 1999 | url-access=subscription}}

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.{{cite book | title=Place Ville Marie: Montreal's Shining Landmark | publisher=Québec Amerique | date=2012 | isbn=2764411596 | url=https://books.google.com/books?id=6EOs2Yh5bMYC&pg=PT184}}

In 2001, it sold noncore assets for $417 million.

In April 2002, the company received permission to convert to a public real estate investment trust.{{Cite news | url=https://www.nytimes.com/2002/04/24/business/company-news-trizechahn-to-become-real-estate-investment-trust.html | title=Company News — TrizecHahn to Become Real Estate Investment Trust | work=The New York Times | date=April 24, 2002 | url-access=subscription}}

In November 2002, after the September 11 attacks, the company wrote down two-thirds of the $70 million investment it made in 1997 to gain control of the Sears Tower.{{Cite news | url=https://www.chicagotribune.com/news/ct-xpm-2002-11-06-0211060303-story.html | title=Sears Tower owner wants to redo deal | first=Thomas A. | last=Corfman | work=Chicago Tribune | date=November 6, 2002 | url-access=subscription}}

In February 2004, the company sold its interest in Hollywood & Highland to CIM Group for $200 million.{{Cite news | url=https://www.latimes.com/archives/la-xpm-2004-feb-28-fi-holly28-story.html | title=Trizec Completes Sale of Multiuse Complex | work=Los Angeles Times | date=February 28, 2004 | url-access=subscription}}

In May 2006, the company acquired 13 office properties in Southern California from Arden Realty for $1.63 billion.{{cite news | url=https://www.wsj.com/articles/SB113525699374429418 | title=GE to Acquire Arden Realty for $3.2 Billion | first1=Jennifer S. | last1=Forsyth | first2=Kathryn | last2=Kranhold | first3=Christine | last3=Haughney | work=The Wall Street Journal | date=December 23, 2005}}{{Cite press release | url=http://media.corporate-ir.net/media_files/irol/93/93763/news/5206.pdf | title=Trizec Completes $1.6 Billion Acquisition of Southern California Office Portfolio | publisher=Trizec | date=May 2, 2006}}

In October 2006, Brookfield Properties and The Blackstone Group acquired the company for $8.9 billion.{{Cite press release | url=https://www.blackstone.com/press-releases/article/trizec-properties-completes-acquisition-by-brookfield-properties-and-blackstone/ | title=Trizec Properties Completes Acquisition by Brookfield Properties and Blackstone | publisher=The Blackstone Group | date=October 6, 2006}}

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,{{cite news | url=https://www.theglobeandmail.com/news/national/former-trizec-chief-helped-reshape-calgary/article7570228/ | title=Former Trizec chief helped reshape Calgary | first=KELLY | last=CRYDERMAN | work=The Globe and Mail | date=January 20, 2013}} the headquarters were moved again to Toronto, Ontario in 1995, where the headquarters were in the BCE Place.{{Cite web | url=https://www.sec.gov/Archives/edgar/data/1161935/000094787102000484/unofficial10k.pdf | title=TRIZEC PROPERTIES, INC. 2001 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission}} In 2004, the company was headquartered at Suite 4600 of the Willis Tower in the Chicago Loop.{{Cite web | url=https://www.sec.gov/Archives/edgar/data/1161935/000095014404003305/g88171pre14a.htm | title=TRIZEC PROPERTIES, INC. 2004 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission}} It later moved to the Near West Side.

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Category:1923 establishments in Quebec

Category:2006 disestablishments in Illinois

Category:Canadian companies established in 1923

Category:Companies disestablished in 2006

Category:Defunct companies based in Chicago

Category:Defunct real estate companies of the United States

Category:Real estate companies established in 1923

Category:Blackstone Inc. companies