Major Lease Transaction Signed At Hudson's Bay Centre, Toronto
November 19, 2001

TORONTO, November 19, 2001 - Brookfield Properties and The Canapen Group of Companies today announced that they have signed a long term lease for approximately 200,000 square feet at Hudson's Bay Centre in Toronto with a major international company.
Brookfield and Canapen own the 960,000 square foot, mixed-use Hudson's Bay Centre and together are redeveloping the office and retail component of the project. The 534,000 square foot office tower is undergoing a complete retrofit with new windows, elevators, mechanical, electrical and life safety systems. The project will be completed in June 2002. This major deal represents almost 40% of building.
"We are very pleased to have completed this significant lease at the Hudson's Bay Centre," said David Arthur, President and CEO of BPO Properties Ltd. "It underscores the status of the building as a premier location for demanding and sophisticated users of office space."



Brookfield Properties Corporation, with over US$8 billion in assets, owns, develops and manages premier North American office properties. The Brookfield portfolio spans 55 commercial properties and development sites totaling 45 million square feet. Brookfield also operates real estate service businesses and develops master planned residential communities. For more information, visit the Brookfield Properties website at www.brookfieldproperties.com.



BPO Properties Ltd. is a leading Canadian real estate company focused on the ownership and value enhancement of premier office properties. The current property portfolio is comprised of interests in 20 commercial properties and development sites totalling 14 million square feet. The Company's objective is to realize superior financial returns for its shareholders by enhancing the value of its real estate assets and by making opportunistic investment in new assets. BPO Properties common shares trade on the TSE under the symbol BPP. These shares are included in the TSE 300 and the TSE Real Estate Index. Further information about the Company can be found on our website at www.bpoproperties.com



Contact:
Katherine C. Vyse
SVP, Investor Relations and Communications
Brookfield Properties Corporation
Tel: (416) 369-8246
Fax: (416) 865-1288
Email: kvyse@brookfieldproperties.com

David D. Arthur
President and Chief Executive Officer
BPO Properties Ltd.
Tel: (416) 359-8537
Fax: (416) 359-9813

Contact:
Melissa Coley, Vice President, Investor Relations & Communications
Email: mcoley@bpoproperties.com
Tel: (416) 359-8593



Note: This press release contains "forward-looking statements" that are based on certain assumptions and reflect the company's current expectations. The words "believe," "expect," "anticipate," "intend," "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include general economic conditions, local real estate conditions, timely re-leasing of occupied square footage upon expiration, interest rates, availability of equity and debt financing and other risks detailed from time to time in the documents filed by the company with the securities regulators in Canada. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

© 2008 BPO Properties Ltd. All rights reserved.