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Brookfield Office Establishes Special Committee In Order to Evaluate Offer from Brookfield Property

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Brookfield Office Properties Inc. (NYSE: BPO) acknowledges the news release issued by Brookfield Property Partners L.P. (NYSE: BPY) earlier today announcing its proposal to acquire Brookfield Office Properties by way of a tender offer for "any or all" of the common shares of Brookfield Office Properties that it does not own. Under its proposal, Brookfield Property Partners would offer Brookfield Office Properties shareholders the ability to elect to receive for each common share either $19.34 in cash or 1.0 limited partnership unit of Brookfield Property Partners, subject in each case to pro-ration based on a maximum cash consideration of $1.7 billion and a maximum of 174 million Brookfield Property Partners limited partnership units.

The board of directors of Brookfield Office Properties has established a special committee to review and consider the proposal. Shareholders of Brookfield Office Properties do not need to take any action with respect to the proposal at this time.

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