Trizec Corp.
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| real estate investment trust | |
| Traded as | : TRZ |
| Founded | 1923 |
| Headquarters | Chicago, Illinois |
Trizec Properties, Inc. (: TRZ), previously known as TrizecHahn Corporation ( and NYSE:TZH), was a real estate investment trust (REIT) company headquartered in Chicago, Illinois. It was historically a Canadian company. The name is derived from the three groups (Tri) that formed a one-time related company Trizec Properties Ltd to develop Place Ville Marie in Montreal. Developer William Zeckendorf (Z) initially financed the project with capital provided by two UK insurance companies, Eagle Star (E) and Covent Gardens (C), which formed the word Trizec.
Prior to the 2006 acquisition by Brookfield Properties, the owner was Peter Munk, who acquired the company through a highly publicized reorganization in 1994.
The company was founded in 1923.
In the 1970s the Toronto branch of the Bronfman family acquired a 50.1% controlling interest in Trizec through their holding company, Edper Investments. In the 1980s Trizec acquired The Hahn Company. In 1984 TrizecHahn acquired a controlling interest in Toronto-based property developer Bramalea Ltd.. After acquiring some $5 billion worth of debt to finance rapid expansion during the 1980s property boom, Bramalea collapsed in the early 1990s, and in 1995 its US subsidiary went bankrupt in the largest bankruptcy of a US house developer. With restructuring of Trizec during this time, Edper's equity was reduced to a nominal amount. Trizec Corporation was purchased by Horsham Corporation in 1994, and moved its headquarters from Calgary to Toronto. Horsham Corporation and Trizec Corporation were amalgamated in 1996 to form TrizecHahn Corporation, with the name change reflecting the previous acquisition of The Hahn Company.
By early 2000, 80% of TrizecHahn's revenues originated from the United States. For that reason, the company moved its headquarters to Chicago and sold all holdings it held in Canada. At a later point its name changed back to Trizec.
In 1997 it acquired the Sears Tower (now the Willis Tower) in Chicago for $70 million with payment of an additional $40 million for a garage next door.
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