Brookfield Properties Renews 717,000-Square-Foot Lease with Imperial Oil in Calgary

Brookfield Properties Corporation and its Canadian-based subsidiary, BPO Properties Ltd., announced that Imperial Oil has renewed its lease and expanded its premises by 83,670 square feet at Fifth Avenue Place in Calgary.

Imperial Oil currently leases 633,000 square feet at the 1.7-million-square-foot office complex, which is now 100% leased. With the expansion, the new lease is for 717,000 square feet, expiring in April 2016.

“Imperial Oil’s decision to renew and expand at Fifth Avenue Place is yet another example of a major energy sector tenant choosing to stay long term in downtown Calgary,” said Tom Farley, president and COO of Canadian Commercial Operations at Brookfield Properties. “The office market in Calgary continues to thrive and this deal – similar to our renewal and expansion with Petro-Canada two months ago – is an important indicator of the economic strength of Calgary and the province of Alberta.”

In October, Brookfield Properties announced that Petro-Canada had renewed and expanded its lease at Petro-Canada Centre to over one million square feet through 2028. Brookfield Properties owns and manages eight properties in downtown Calgary encompassing over six million square feet. Brookfield’s Calgary portfolio is 100% leased.

The two-tower Fifth Avenue Place complex, which Brookfield has owned and operated since 1996, is easily identified in downtown Calgary by its alternating vision glass and spandrel panels on all exposures. The complex features a large outdoor park with fountains, a reflecting pool and public seating. It encompasses the entire city block defined by 4th Avenue SW, 5th Avenue SW, 1st Street SW and 2nd Street SW, has on-site retail and three levels of parking.