Brookfield Office Properties unveils $250 million retail plan for World Financial Center; designs by Omniplan/Morrison Dilworth + Walls, AvroKO, BCV Arch. and Pelli Clarke Pelli

Brookfield Office Properties recently unveiled plans for a $250 million retail redevelopment of the World Financial Center. The changes expand the retail offerings and include high-end fashion, a European-style marketplace, and waterfront dining. In addition, a glass pavilion on West St. will link the center to the area's new transit hubs and serve as the main entranceway to the 8 million s/f complex. The retail component was designed by retail architects Omniplan/Morrison Dilworth + Walls, with a 30,000 s/f dining concept by AvroKO and BCV Architects. The West St. pavilian was designed by Pelli Clarke Pelli. Construction is set to begin in October and will conclude in 2013. "These improvements to the World Financial Center are coming at the perfect time, given the $20 billion private and public investment in Lower Manhattan, the completion of Hudson River Park, retail expansion throughout the district, and the anticipated completion of the two transit centers," said Ric Clark, CEO of Brookfield Office Properties. "The World Financial Center Winter Garden has served as Lower Manhattan's grand and welcoming public space for the past 20 years. In cooperation with the Battery Park City Authority and the Department of City Planning, we are pleased to be moving forward with a plan that incorporates the existing Winter Garden staircase and repositions the World Financial Center for decades to come." "These upgrades are one of the major reasons for the current high level of corporate interest for office space at the World Financial Center," said Dennis Friedrich, president and chief investment officer of Brookfield Office Properties. In spring 2011, Brookfield Office Properties negotiated leases in excess of 600,000 s/f with corporations such as Oppenheimer Funds and Commerzbank. Brookfield is in negotiations for more than two million s/f with other office tenants in the financial services, media and service sectors. "I applaud Brookfield for making a significant investment in the redevelopment of this iconic space while respecting the concerns of our residents," said Gayle Horwitz, president of the Battery Park City Authority. "This collaboration between the Battery Park City Authority, the community, and our partners at Brookfield Office Properties will create a first class destination spot for dining, shopping and working in Battery Park City. " The centerpiece of the World Financial Center retail renovation will be a collection of high fashion and best-in-class apparel retailers. More than 40 local and international retailers along with three mini-anchor retailers will draw shoppers from the tri-state region and beyond to the waterfront shopping destination. A 25,000 s/f gourmet marketplace will offer fresh produce, meat, fish, cheese, bread and coffee with emphasis on organic offerings and local sources of origin. The market will also include home goods, a florist and a specialty wine shop. A collection of six restaurants along with a fast-casual dining component of 15 chef-driven concepts will serve downtown office workers, residents and tourists. This 30,000 s/f dining concept, which includes more than 600 seats overlooking the Hudson River, is designed by AvroKO, the James Beard Award-winning architectural firm and BCV Architects, the award-winning designers of the Ferry Building Marketplace in San Francisco. "Lower Manhattan is the next major retail growth district for New York City. With over $20 billion of public and private projects underway, the neighborhood is undergoing a major transformation, said Wade McDevitt, CEO of the McDevitt Company, Brookfield's lead broker for the expansion. "Astute retailers see the opportunities for growth in this underserved retail district. Located between the Hudson River and the World Trade Center Memorial, The World Financial Center is an ideal location for discerning retailers and restaurant operators and a stop for downtown tourists with unparalleled views of the New York Harbor and the Statue of Liberty. It is surrounded by an affluent residential population and the best office buildings in lower Manhattan. The convergence of such wealthy and diverse demographics can not be beat." The West St. glass pavilion designed by architect Pelli Clarke Pelli—the original designer of The World Financial Center—will serve as the connector between the underground pedestrian passageway from the World Trade Center and Fulton St. transit hubs to the World Financial Center and the Hudson River ferries to the west. Those travelling from Grand Central and Penn Station will access the World Financial Center through a brand-new, climate-controlled seamless connection. A premier business address, the World Financial Center is home to such prestigious international corporate firms as American Express, Bank of America and the Royal Bank of Canada. The World Financial Center encompasses eight million square feet within four copper-crowned granite and glass office towers. In addition to Class A office space, the Center features extensive public spaces, a stunning outdoor waterfront esplanade along the Hudson River, and the award-winning arts & events program. About Brookfield Office Properties Brookfield Office Properties owns, develops and manages premier office properties in the United States, Canada and Australia. Its portfolio is comprised of interests in 109 properties totaling 78 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, Ottawa, Sydney, Melbourne and Perth, making it the global leader in the ownership and management of office assets. Landmark properties include the World Financial Center in Manhattan, Brookfield Place in Toronto, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary, Darling Park in Sydney and City Square in Perth. The company's common shares trade on the NYSE and TSX under the symbol BPO.