Brookfield Properties: minimal collateral damage to NYC portfolio from 'Sandy'

theflyonthewall.com

CEO Dennis Friedrich commented: "With a focus on leasing near-term availabilities within our portfolio, we are pleased to have signed 1.5 million square feet of leases during the quarter -- 5.2M sq ft year-to-date -- including recent leases totaling approximately 200,000 sq ft in Lower Manhattan at the World Financial Center. With this leasing and our recent accretive acquisitions, our steady increase in commercial net operating income reflects the imbedded growth in our portfolio as a result of rental mark-to-market opportunities. We are pleased to report minimal collateral damage to our Lower Manhattan office portfolio due to the effects of Hurricane Sandy. This is due in no small part to the tireless efforts of our experienced and dedicated property and operations personnel in preparing for the storm, and the great resolve and teamwork displayed in reacting quickly in protecting our buildings and tenants."

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