Brookfield Properties Retail Group
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Brookfield Properties is a North American subsidiary of
commercial real estate Commercial property, also called commercial real estate, investment property or income property, is real estate (buildings or land) intended to generate a profit, either from capital gains or rental income. Commercial property includes office bu ...
firm Brookfield Property Partners, which itself is a subsidiary of alternative asset management company
Brookfield Corporation Brookfield Corporation is a Canadian multinational company that is one of the world’s largest alternative investment management companies. It has over US$900 billion of assets under management, much of which is workers’ deferred incom ...
. It is responsible for the
asset management Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastr ...
of the company's real estate portfolio, including
office An office is a space where the employees of an organization perform Business administration, administrative Work (human activity), work in order to support and realize the various goals of the organization. The word "office" may also denote a po ...
,
multi-family residential Multifamily residential, also known as multidwelling unit (MDU), is a classification of housing where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex. Units can ...
,
retail Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is the sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholes ...
,
hospitality Hospitality is the relationship of a host towards a guest, wherein the host receives the guest with some amount of goodwill and welcome. This includes the reception and entertainment of guests, visitors, or strangers. Louis de Jaucourt, Louis, ...
, and
logistics Logistics is the part of supply chain management that deals with the efficient forward and reverse flow of goods, services, and related information from the point of origin to the Consumption (economics), point of consumption according to the ...
buildings. Brookfield Properties acquired
General Growth Properties GGP Inc. (an initialism of General Growth Properties) was an American Commercial property, commercial real estate company and the second-largest shopping mall operator in the United States. It was founded by brothers Martin Bucksbaum, Martin, Ma ...
, one of the largest mall operators in the U.S., and merged it into Brookfield Properties in 2018. As of 2024, Brookfield Properties operates corporate offices in nine countries around the world, including China, India, Germany and the US.


History

The company's roots go back to the early 1900s in
Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...
, Quebec. It was known then as the Canadian Arena Company and operated the
Montreal Arena The Montreal Arena, also known as Westmount Arena, was an indoor arena located in Westmount, Quebec, Canada on the corner of St. Catherine Street and Wood Avenue. It is considered the first arena designed expressly for ice hockey. Opened in 1898, ...
. In a partnership with Toronto investors, it built
Arena Gardens An arena is a large enclosed venue, often circular or oval-shaped, designed to showcase theatre, musical performances or sporting events. It comprises a large open space surrounded on most or all sides by tiered seating for spectators, and may ...
in Toronto. In the 1910s, it opened an office and began business in Brazil, while in the 1920s, it built the
Montreal Forum Montreal Forum () is a historic building located facing Cabot Square, Montreal, Cabot Square in Montreal, Quebec, Canada. Called "the most storied building in hockey history" by ''Sporting News'', it was an indoor arena which served as the home o ...
to house the
Montreal Maroons The Montreal Maroons (officially the Montreal Professional Hockey Club) were a professional ice hockey team in the National Hockey League (NHL). They played in the NHL from 1924–25 NHL season, 1924 to 1937–38 NHL season, 1938, winning the Sta ...
and
Montreal Canadiens The Montreal Canadiens (), officially ' ( Canadian Hockey Club) and colloquially known as the Habs, are a professional ice hockey team based in Montreal. The Canadiens compete in the National Hockey League (NHL) as a member of the Atlantic D ...
National Hockey League The National Hockey League (NHL; , ''LNH'') is a professional ice hockey league in North America composed of 32 teams25 in the United States and 7 in Canada. The NHL is one of the major professional sports leagues in the United States and Cana ...
franchises; from 1935 to 1957, the company also owned the Canadiens. The company was acquired by Edper Investments in 1970. During the 1970s, when the company was known as Carena Properties, it expanded its business into commercial real estate. After the Montreal Forum closed, the Forum was sold to competitor Canderel Properties. In 1989, Carena acquired a 33% interest in Olympia & York Developments Ltd., developers of the World Financial Center in New York, and in 1990, Brookfield acquired a 50% interest in a portfolio of office properties in Toronto, Denver and Minneapolis from BCE Development Corporation. In 1994, this holding was increased to 100% and included BCE Place, now Brookfield Place, Brookfield Properties' flagship office complex in Toronto. In 1996, Carena acquired a 46% interest in World Financial Properties, a corporation formed from the bankruptcy of Olympia & York, which included three of the four towers of the World Financial Center,
One Liberty Plaza One Liberty Plaza, formerly the U.S. Steel Building, is a skyscraper in the Financial District of Lower Manhattan in New York City. It is situated on a block bounded by Broadway, Liberty Street, Church Street, and Cortlandt Street, on the s ...
,
245 Park Avenue 245 Park Avenue is a skyscraper in Midtown Manhattan, New York City. Designed by Shreve, Lamb and Harmon, it was completed in 1967 and contains on 48 floors. The Building Owners and Managers Association awarded the 2000/2001 Pinnacle Award to ...
in Manhattan. That year, Carena changed its name to Brookfield Properties Corporation. In 1997, Brookfield Properties purchased 45% of Gentra, Inc., owner of several commercial properties in Toronto.


2000s

In 2000, Brookfield Properties acquired a portfolio of Calgary office properties, including the Bankers Hall complex. In April 2001, the company lost out to Silverstein Properties, Inc., on the lease of the World Trade Center in New York City before the complex was destroyed during the
September 11 attacks The September 11 attacks, also known as 9/11, were four coordinated Islamist terrorist suicide attacks by al-Qaeda against the United States in 2001. Nineteen terrorists hijacked four commercial airliners, crashing the first two into ...
. In 2003, Brookfield Properties completed the spin-off of Brookfield Homes, now part of Brookfield Residential, Brookfield Asset Management's U.S.-based home building business. In 2005, Brookfield Properties acquired a 25% interest in O&Y Properties Corporation and O&Y Real Estate Investment Trust, expanding the company's real estate portfolio in four Canadian cities. In 2006, the company acquired Trizec Properties, which was founded in 1960 by
William Zeckendorf William Zeckendorf Sr. (June 30, 1905 – September 30, 1976) was a prominent American real estate developer. Through his development company Webb and Knapp — for which he began working in 1938 and which he purchased in 1949 — he developed ...
, builder of
Place Ville Marie Place Ville Marie (, abbr. PVM) is a large office and shopping complex skyscraper in Downtown Montreal, Quebec, Canada, comprising four office buildings and an underground shopping plaza. The main building, 1 Place Ville Marie (formerly Royal Ba ...
.


2010s

In 2010, it entered into London and Australian markets by acquiring the 100 Bishopsgate development site in the City of London and 16 properties encompassing 8 million SF in three major Australian cities. On
Earth Day Earth Day is an annual event on April 22 to demonstrate support for environmental protection. First held on April 22, 1970, it now includes a wide range of events coordinated globally through earthday.org (formerly Earth Day Network) includin ...
on April 22, 2010, the company was listed as one of Canada's "The Green 30" Organizations Based On Eco-Friendly Programs and Practices based on an employee poll. In 2011, Brookfield Properties divested its residential group consisting of Carma Developers and Brookfield Homes (Ontario) Ltd. to merge with Brookfield Homes Corporation to form Brookfield Residential Properties Inc. That same year, Brookfield Properties changed its name to Brookfield Office Properties to reflect its focus on commercial office properties. In 2013, Brookfield Office Properties Inc. became the largest office landlord in
Los Angeles Los Angeles, often referred to by its initials L.A., is the List of municipalities in California, most populous city in the U.S. state of California, and the commercial, Financial District, Los Angeles, financial, and Culture of Los Angeles, ...
after acquiring MPG Office Trust Inc.'s downtown portfolio. MPG had been one of Southern California's most prominent real estate developers and a longtime L.A. office tower owner. The MPG buildings they acquired include the Gas Company Tower, 777 Tower and the Wells Fargo Center on Bunker Hill. In June 2014, Brookfield Property Partners (BPY) completed their acquisition of Brookfield Office Properties (BPO). BPO common shares were de-listed from the Toronto Stock Exchange as of June 10, 2014, and from the New York Stock Exchange on June 20, 2014. Brookfield Property Partners is now the sole owner of all of the issued and outstanding common shares of BPO. In January 2016, Brookfield Properties purchased KIC, along with KIC's Berlin office. In 2016,
Brookfield Asset Management Brookfield Asset Management Ltd. is a Canadian-American alternative asset manager. The company was founded in December 2022 as a spin-off of the asset management operations of Brookfield Corporation. At its inception, the company was headquarter ...
, which owned 33 percent of Rouse Properties, made an unsolicited offer to purchase the rest of the company. A purchase agreement was eventually reached, valuing the company at $2.8 billion. Brookfield's acquisition of Rouse Properties was completed on July 6, 2016. The Rouse Properties brand would ultimately be absorbed into Brookfield. On August 28, 2018, Brookfield Property Partners acquired Chicago-based real estate investment trust and shopping mall operator GGP Inc. (General Growth Properties), and merged its assets into Brookfield Properties, for $9 billion. Brookfield immediately sold a 49% interest in each of three former GGP super-regional malls to
CBRE Group CBRE Group, Inc. (an initialism of Coldwell Banker Richard Ellis) is an American commercial real estate services and investment firm with corporate headquarters in Dallas, Texas and global financial headquarters at Lever House in Midtown Manh ...
, and a 49% interest in three other former GGP malls to
TIAA The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA, formerly TIAA-CREF) is an American financial services organization that is a private provider of financial retirement services in the academic, resea ...
subsidiary Nuveen, seeking additional joint ventures for its newly acquired malls. The acquisition added 162
shopping mall A shopping mall (or simply mall) is a large indoor shopping center, usually Anchor tenant, anchored by department stores. The term ''mall'' originally meant pedestrian zone, a pedestrian promenade with shops along it, but in the late 1960s, i ...
s comprising approximately of
gross leasable area In architecture, construction, and real estate, floor area, floor space, or floorspace is the area (measured in square metres or square feet) taken up by a building or part of it. The ways of defining "floor area" depend on what factors of the bui ...
to Brookfield's portfolio. In December 2018, Brookfield Properties took over the management of Forest City Realty Trust's real estate portfolio after the company was acquired by a fund affiliated with Brookfield Asset Management.


2020s

In September 2020, the company's retail group announced a layoff of 20% of its workforce of about 2,000 people. Around June 2021, the company opened an office in Sydney, Australia. In May 2023, Brookfield Properties announced a purchase of a 115,000 square foot Doral warehouse at 1500 Northwest 95th Avenue for $16 million. In January 2023, Brookfield Properties purchased subsidiaries from Deutsche Bank A.G., acquiring Deutsche Bank's London and New York offices. In February 2024, the company opened offices in India and the UAE.


Zuccotti Park

The company is the owner of
Zuccotti Park Zuccotti Park (formerly Liberty Plaza Park) is a publicly accessible park in the Financial District of Lower Manhattan in New York City. It is located in a privately owned public space (POPS) controlled by Brookfield Properties and Goldman S ...
, a publicly accessible park adjacent to one of its office buildings near
Wall Street Wall Street is a street in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It runs eight city blocks between Broadway (Manhattan), Broadway in the west and South Street (Manhattan), South Str ...
in the
Manhattan Manhattan ( ) is the most densely populated and geographically smallest of the Boroughs of New York City, five boroughs of New York City. Coextensive with New York County, Manhattan is the County statistics of the United States#Smallest, larg ...
borough A borough is an administrative division in various English language, English-speaking countries. In principle, the term ''borough'' designates a self-governing walled town, although in practice, official use of the term varies widely. History ...
of New York City, that in September 2011 became a site of protests by
Occupy Wall Street Occupy Wall Street (OWS) was a left-wing populist movement against economic inequality, capitalism, corporate greed, big finance, and the influence of money in politics that began in Zuccotti Park, located in New York City's Financial ...
. On October 11, 2011, Richard Clark, the company's CEO, sent a letter to NYC Police Commissioner Raymond Kelly requesting to "clear the park" as its use by Occupy Wall Street "violates the law, violates the rules of the Park, deprives the community of its rights of quiet enjoyment to the Park, and creates health and public safety issues." The request was later withdrawn. The park was reopened on November 11, 2011.


See also

* List of Brookfield Properties shopping malls


References


External links

* {{Brookfield Properties Brookfield Corporation Companies formerly listed on the New York Stock Exchange Companies based in Manhattan Companies based in Toronto Property management companies Real estate companies of Canada Real estate companies of the United States Companies formerly listed on the Toronto Stock Exchange Real estate companies established in 1923 1923 establishments in Quebec Canadian companies established in 1923 Asset management companies