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151 Front Street Sold

Carrier Hotels Staff Posted Jan 16, 2004

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Northam Realty Advisors has bought Toronto's primary carrier hotel building, 151 Front Street, from Trizec Properties for $59 million ($76.3 million Canadian), the two companies said today.

151 Front Street is an eight-story, 272,000-square foot carrier hotel and data center facility, housing more than 150 telecommunication company tenants. Built in 1954 and operated as a mixed-use facility for many years, it was purchased by TrizecHahn Corporation in 1997 and then redeveloped. The adjacent 39,000-square-foot Skywalk retail concourse also was included in the transaction announced today.

The sale continued an effort by Trizec to refine its focus to office properties, an effort begun when the company restructured as a real estate investment trust in 2002. During the past year, Trizec has exited several markets where it had owned single office property assets, including Detroit, Memphis, West Palm Beach and the Los Angeles Airport submarket.

Northam Realty Advisors Limited is a Toronto based commercial real estate investment advisor, managing several pools of German and Canadian institutional and private capital. Northam's portfolio exceeds 7 million square feet of commercial space, valued at more than $1 billion.

Trizec Properties, Inc., a real estate investment trust (REIT) headquartered in Chicago, is one of North America's largest owners and operators of commercial office properties. It owns or manages a portfolio of 64 office properties totaling approximately 43 million square feet concentrated in the metropolitan areas of seven major U.S. cities.