Brookfield Properties and Toll Brothers announce 214-acre development partnership in Pacific Northwest

Two industry leaders come together in historic partnership

COSTA MESA, Calif. and FORT WASHINGTON, Pa. August 16, 2022 — Brookfield Properties and Toll Brothers, Inc. (NYSE:TOL) today announced a joint venture to acquire and develop LakePointe Urban Village, a 214-acre site positioned for mixed-use development in Covington, Wash. outside Seattle. LakePointe, a former gravel excavation operation site, is zoned for up to 1,750 residences, including both attached and detached single-family homes as well as two multi-family parcels. It is also approved for up to 1.3 million square feet of commercial space, including retail, office and hotel space, and an assisted living facility.

The site was acquired by a Brookfield Asset Management real estate affiliate and Toll Brothers, and will be developed jointly by Brookfield Properties and Toll Brothers. The transaction is the largest one to date in the region for Toll Brothers, and it represents a significant expansion in the greater Seattle market for Brookfield, which already has a sizable real estate presence in the region that includes office, retail, logistics and multi-family businesses, as well as a master-planned community development.

LakePointe is situated in a desirable commuter corridor of King County, located in the core path of growth for the Seattle MSA. The property is located at the northern part of the city of Covington, just 35 minutes from downtown Seattle, and is considered one of the few remaining large parcels of land in the region suitable for community development.

“This acquisition is an investment in our long-term commitment to the Pacific Northwest, allowing us to leverage our established land development expertise and expand our footprint in a dynamic, growing market,” said Adrian Foley, Managing Partner, Real Estate and CEO, Development with Brookfield Properties. “Partnering with Toll Brothers and bringing our collective expertise to the table demonstrates our ability to collaborate with a fellow industry leader. This joint venture offers another phenomenal mixed-use opportunity in this exciting and sought-after market that continues to see tremendous growth for Brookfield Properties.”

This partnership significantly widens Brookfield Properties’ geographical footprint to complement its presence in Washington state that already includes the nearby 4,700-acre mixed-use community of Tehaleh as well as retail, logistics and office properties in the Seattle-Tacoma area. Brookfield Properties’ other Pacific Northwest community is the 463-acre mixed-use community in Hillsboro, just 12 miles from downtown Portland, Ore.
Toll Brothers has been building luxury home communities in Washington state since 2011. The company currently has 10 communities under development in the Seattle area, and also builds in the Portland and Spokane/Coeur d’Alene markets in the Pacific Northwest.

“We are excited to partner with Brookfield Properties in a joint venture to develop this very special piece of land in the Seattle area,” said Douglas C. Yearley, Jr., Chairman and Chief Executive Officer of Toll Brothers. “This acquisition offers a multitude of opportunities on a coveted development site in the Pacific Northwest. We are looking forward to expanding our presence in the region and working with our partners to bring this significant community development to fruition.”

Site development has begun with grading and is now being managed by Brookfield Properties post-closing. Home sales are expected to begin in the first quarter of 2024.

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About Brookfield Properties
Brookfield Properties is a leading global developer and operator of high-quality real estate assets. We are active in nearly all real estate sectors, including office, retail, multifamily, hospitality and logistics, operating more than 750 properties and over 325 million square feet of real estate in gateway markets on behalf of Brookfield Asset Management, one of the largest asset managers in the world. With a focus on sustainability, a commitment to excellence, and the drive for relentless innovation in the planning, development and management of buildings and their surroundings, Brookfield Properties is reimagining real estate from the ground up. For more information, visit www.brookfieldproperties.com.

About Toll Brothers, Inc.
Toll Brothers, Inc., a FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company was founded 55 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, golf course development, smart home technology, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations.

Toll Brothers was named the World’s Most Admired Homebuilder in FORTUNE magazine’s 2022 survey of the World’s Most Admired Companies®, the seventh year it has been so honored. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.

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Media Contacts:
Brookfield Properties: Jonathan Anderson: (403) 462-8939 jonathan.anderson@brookfieldpropertiesdevelopment.com

Toll Brothers: Andrea Meck: (215) 938-8169 ameck@tollbrothers.com