Update on Brookfield Office Properties’ Residential Division Divestiture

NEW YORK--(BUSINESS WIRE)--Brookfield Properties Corporation (“Brookfield Office Properties” BPO: NYSE, TSX) announced that the proposed merger of its residential division with Brookfield Homes Corporation (“Brookfield Homes” BHS: NYSE) into the new entity Brookfield Residential Properties Inc. has advanced with the approval of the transaction by Brookfield Homes’ shareholders in a vote held today. It is expected that the merger will close on or about March 31, 2011 and Brookfield Residential Properties will commence trading on the NYSE and TSX on or about April 1, 2011.