Brookfield Properties

Last updated
Brookfield Office Properties Inc.
Subsidiary
Industry Commercial real estate
Founded1923;96 years ago (1923)
Headquarters Brookfield Place, ,
Area served
United States, Canada, Australia and the United Kingdom
Key people
Ric Clark (CEO)
ServicesOffice property development and management
RevenueIncrease2.svg US$2.4 billion (2014)
Increase2.svg US$2.8 billion (2014)
Total assets Increase2.svg US$34.4 billion (2014)
Number of employees
2,264 (2008) [1]
Parent Brookfield Property Partners
Website www.brookfieldproperties.com

Brookfield Office Properties Inc. is a North American commercial real estate company, wholly owned by Brookfield Property Partners. [2] The company has corporate offices in New York, Toronto, London and Sydney. [3]

The term commercial property refers to buildings or land intended to generate a profit, either from capital gain or rental income. Commercial property includes office buildings, medical centers, hotels, malls, retail stores, farm land, multifamily housing buildings, warehouses, and garages. In many states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes.

Brookfield Property Partners L.P. is a global company which owns, operates and invests in commercial property. The majority of the company's assets are located in North America, Europe, and Australia.

New York City Largest city in the United States

The City of New York, usually called either New York City (NYC) or simply New York (NY), is the most populous city in the United States. With an estimated 2018 population of 8,398,748 distributed over a land area of about 302.6 square miles (784 km2), New York is also the most densely populated major city in the United States. Located at the southern tip of the state of New York, the city is the center of the New York metropolitan area, the largest metropolitan area in the world by urban landmass and one of the world's most populous megacities, with an estimated 19,979,477 people in its 2018 Metropolitan Statistical Area and 22,679,948 residents in its Combined Statistical Area. A global power city, New York City has been described as the cultural, financial, and media capital of the world, and exerts a significant impact upon commerce, entertainment, research, technology, education, politics, tourism, art, fashion, and sports. The city's fast pace has inspired the term New York minute. Home to the headquarters of the United Nations, New York is an important center for international diplomacy.

Contents

The company owns, manages and develops office properties in the downtown core of the American cities of New York City, New York; Washington, D.C.; Boston, Massachusetts; Houston, Texas; Los Angeles, California; Denver, Colorado; and Minneapolis, Minnesota; the Canadian cities of Toronto, Ontario; Calgary, Alberta; Ottawa, Ontario; and Vancouver, British Columbia; as well as the Australian cities of Perth, Sydney, and Melbourne. Its properties include One Liberty Plaza and the World Financial Center in New York City; Brookfield Place (formerly BCE Place), First Canadian Place, and Queen's Quay Terminal in Toronto; Place de Ville and the Jean Edmunds Towers in Ottawa; Suncor Energy Centre, Fifth Avenue Place, and Bankers Hall in Calgary; and Royal Centre in Vancouver. It also operates real estate service businesses and has a land-development business primarily based in Canada.

New York (state) American state

New York is a state in the Northeastern United States. New York was one of the original thirteen colonies that formed the United States. With an estimated 19.54 million residents in 2018, it is the fourth most populous state. In order to distinguish the state from the city with the same name, it is sometimes referred to as New York State.

Washington, D.C. Capital of the United States

Washington, D.C., formally the District of Columbia and commonly referred to as Washington or D.C., is the capital of the United States. Founded after the American Revolution as the seat of government of the newly independent country, Washington was named after George Washington, the first president of the United States and a Founding Father. As the seat of the United States federal government and several international organizations, Washington is an important world political capital. The city, located on the Potomac River bordering Maryland and Virginia, is one of the most visited cities in the world, with more than 20 million tourists annually.

Boston State capital of Massachusetts, U.S.

Boston is the capital and most populous city of the Commonwealth of Massachusetts in the United States, as well as the 21st most populous city in the United States. The city proper covers 48 square miles (124 km2) with an estimated population of 694,583 in 2018, making it also the most populous city in New England. Boston is the seat of Suffolk County as well, although the county government was disbanded on July 1, 1999. The city is the economic and cultural anchor of a substantially larger metropolitan area known as Greater Boston, a metropolitan statistical area (MSA) home to a census-estimated 4.8 million people in 2016 and ranking as the tenth-largest such area in the country. As a combined statistical area (CSA), this wider commuting region is home to some 8.2 million people, making it the sixth most populous in the United States.

History

Brookfield's 1225 Connecticut Avenue in Washington, D.C., is the first redeveloped office building on the East Coast to receive LEED Platinum status. 1225 Connecticut Ave.JPG
Brookfield's 1225 Connecticut Avenue in Washington, D.C., is the first redeveloped office building on the East Coast to receive LEED Platinum status.

The company's roots go back to the early 1900s in Montreal, Quebec. It was known then as the Canadian Arena Company and operated the Montreal Arena. In a partnership with Toronto investors, it built the Arena Gardens in Toronto. In the 1920s, it built the Montreal Forum. From 1935 to 1957, the company owned the Montreal Canadiens National Hockey League club. 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. [5] After the Montreal Forum closed, the Forum was sold to competitor Canderel Properties.

Montreal City in Quebec, Canada

Montreal is the most populous municipality in the Canadian province of Quebec and the second-most populous municipality in Canada. Originally called Ville-Marie, or "City of Mary", it is named after Mount Royal, the triple-peaked hill in the heart of the city. The city is centred on the Island of Montreal, which took its name from the same source as the city, and a few much smaller peripheral islands, the largest of which is Île Bizard. It has a distinct four-season continental climate with warm to hot summers and cold, snowy winters.

Quebec Province of Canada

Quebec is one of the thirteen provinces and territories of Canada. It is bordered to the west by the province of Ontario and the bodies of water James Bay and Hudson Bay; to the north by Hudson Strait and Ungava Bay; to the east by the Gulf of Saint Lawrence and the province of Newfoundland and Labrador; and to the south by the province of New Brunswick and the US states of Maine, New Hampshire, Vermont, and New York. It also shares maritime borders with Nunavut, Prince Edward Island, and Nova Scotia. Quebec is Canada's largest province by area and its second-largest administrative division; only the territory of Nunavut is larger. It is historically and politically considered to be part of Central Canada.

Montreal Arena Building in Montreal

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 was likely one of the first arenas designed expressly for hockey, opening in 1898. It was the primary site of amateur and professional ice hockey in Montreal until 1918.

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. [6]

BCE Inc. Bell Canada Enterprises

BCE Inc., formerly Bell Canada Enterprises Inc., is a publicly traded telecommunications holding company for the Bell Canada corporate group and for various mass media assets under BCE's subsidiary, Bell Media. Founded through a corporate reorganization in 1983 when Bell Canada, Northern Telecom, and other related companies all became subsidiaries of Bell Canada Enterprises Inc., the company is one of Canada's largest corporations.

Brookfield lost out to Silverstein Properties, Inc. on the lease of the World Trade Center in New York City, a few months before the complex was destroyed during the September 11, 2001, attacks.[ citation needed ]

September 11 attacks Attacks against the United States on September 11, 2001

The September 11 attacks were a series of four coordinated terrorist attacks by the Islamic terrorist group al-Qaeda against the United States on the morning of Tuesday, September 11, 2001. The attacks killed 2,977 people, injured over 6,000 others, and caused at least $10 billion in infrastructure and property damage. Additional people have died of 9/11-related cancer and respiratory diseases in the months and years following the attacks.

In 2005, it acquired O&Y Properties Corporation and O&Y Real Estate Investment Trust, the revived and once power house of Olympia and York. In 2006, the company acquired Trizec Properties, which was founded in 1960 by William Zeckendorf, builder of Place Ville Marie. [7]

Olympia and York defunct international property development firm based in Toronto, Canada

Olympia & York was a major international property development firm based in Toronto, Canada. The firm built major financial office complexes including Canary Wharf in London, the World Financial Center in New York City, and First Canadian Place in Toronto. It went bankrupt in the early 1990s and was recreated to eventually become Olympia & York Properties.

William Zeckendorf American businessman

William Zeckendorf, Sr. 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 a significant portion of the New York City urban landscape. Architects I. M. Pei and Le Corbusier worked for Zeckendorf on some of his projects.

Place Ville Marie office tower in Montreal, Quebec, Canada

Place Ville Marie is a large office and shopping complex in downtown Montreal, Quebec, Canada, comprising four office buildings and an underground shopping plaza. The main building, 1 Place Ville Marie, built in the International style in 1962 as headquarters for the Royal Bank of Canada, which it still is presently. It is a 188 m (617 ft), 47-storey, cruciform office tower. The complex is a nexus for Montreal's Underground City, the world's busiest, with indoor access to over 1,600 businesses, numerous subway stations, a suburban transportation terminal, and tunnels extending throughout downtown. A counter-clockwise rotating beacon on the rooftop lights up at night, illuminating the surrounding sky with up to four white horizontal beams that can be seen as far as 50 kilometres (31 mi) away.

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. [8]

On Earth Day 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. [9]

Brookfield Office Properties Inc. became the dominant office landlord in the Los Angeles financial district after acquiring MPG Office Trust Inc. As one of the wealthiest real estate companies in the country, they began to aggressively seek tenants in the technology and entertainment fields, who have not been eager to locate downtown. MPG had been one of Southern California's most prominent real estate developers and a longtime L.A. office tower owner. They were known as a builder of top-quality office space in Southern California for decades, after being founded by Robert F. Maguire in the 1960s. The MPG buildings they acquired include the Gas Company Tower and the Wells Fargo Tower on Bunker Hill. [10] [11]

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. [2]

Zuccotti Park

The company is the owner of Zucotti Park, a publicly accessible park adjacent to one of its office buildings near Wall Street in the Manhattan borough of New York City, that in September 2011 became a site of protests by Occupy Wall Street. 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". [12] The request was later withdrawn. [13] On November 15, 2011, at around 1:00 a.m. the NYPD went in and cleared the park citing alleged health and safety hazards caused by the protestors. Later that morning, Judge Lucy Billings issued a court order for the NYPD to allow the protesters back into the park. That injunction was subsequently lifted by the NY Supreme Court and the police were allowed to keep the park cleared of tents at the request of Brookfield Properties.

Associations

It is a member of REBNY. [14]

Subsidiaries and joint ventures

It wholly or partially owns the following companies: [15]

See also

Related Research Articles

Brookfield Properties Retail Group is an American retail real estate investment trust headquartered in Chicago, Illinois. It is a subsidiary of Brookfield Property Partners and the successor of General Growth Properties (GGP), which was founded in 1954 and acquired by Brookfield in 2018. Brookfield acquired Rouse Properties in 2016, which was merged into BPRG with the completion of the GGP acquisition. Its portfolio consists of 162 shopping malls in the United States comprising approximately 146,000,000 feet (45,000,000 m) of gross leasable area.

Boston Properties

Boston Properties, Inc., a self-administered and self-managed American real estate investment trust (REIT), is one of the largest owners, managers and developers of Class A office properties in the United States, with a significant presence in five markets: Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde in Boston, Massachusetts, where it maintains its headquarters. Boston Properties became a public company in June 1997 and is traded on the New York Stock Exchange under the symbol “BXP.”

Simon Property Group International real estate investment trust founded in the United States

Simon Property Group, Inc. is an American commercial real estate company, the largest retail real estate investment trust (REIT), and the largest shopping mall operator in the US.

Brookfield Place (Toronto) office complex in downtown Toronto, Ontario, Canada

Brookfield Place is an office complex in downtown Toronto, Ontario, Canada, comprising the 2.1 ha (5.2-acre) block bounded by Yonge Street, Wellington Street West, Bay Street, and Front Street. The complex contains 242,000 m2 (2,604,866 sq ft) of office space, and consists of two towers, Bay Wellington Tower and TD Canada Trust Tower, linked by the Allen Lambert Galleria. Brookfield Place is also the home of the Hockey Hall of Fame.

Forest City Realty Trust real estate management and development company

Forest City Realty Trust, Inc. was a real estate investment trust that invested in office buildings, shopping centers and apartments in Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, and the greater metropolitan areas of New York City, San Francisco and Washington, D.C. The company was organized in Maryland with its headquarters in Cleveland, Ohio. As of December 31, 2017, the company owned 29 office buildings, 29 shopping centers, and 78 apartment complexes. On December 7, 2018, the company was acquired by Brookfield Asset Management.

Ivanhoé Cambridge property management and development company

Ivanhoé Cambridge is a Canadian real estate company with assets around the globe. Its areas of activity are investment, development, asset management, operations and leasing. The company's real estate portfolio consists primarily of multi-residential properties, industrial/logistics real estate, shopping centres and office properties. It also has ownership interests real estate investment funds and hotels.

Oxford Properties global real estate owner, investor, developer and property manager

Oxford Properties, established in 1960, is a global real estate owner, investor, developer and property manager with a portfolio of office, retail, industrial, multi-residential and hotel assets. Wholly owned by the Ontario Municipal Employees Retirement System since 2003, the company is headquartered in Toronto with regional head offices in New York, London, Singapore and Luxembourg. The organization has 2,200 employees and approximately $50 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Oxford’s portfolio of properties represents more than 60 million square feet of office, retail, hotel, industrial, land and multi-residential assets in key global gateway cities. Some of its most recognized assets include Hudson Yards, Yorkdale Shopping Centre, Fairmont Banff Springs Hotel, Olympic Tower and Sony Center. Oxford also owns a portfolio of luxury hotels in Canada as well as rental residential units in Canada and the US.

Trizec Properties

Trizec Properties, Inc., previously known as TrizecHahn Corporation, 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.

Carma Developers, founded in 1958, is a Canadian residential land developer with master-planned communities throughout Canada and the United States. Its head offices are located in Calgary, Alberta where it is the largest residential land developer in that city.

The Real Estate Board of New York (REBNY) is a trade association for the real estate industry in New York City. Formed in 1896, its current president is John Banks.

Brookfield Residential Properties Inc. is a land developer and homebuilder in North America. The company entitles and develops land to create master planned communities, and builds and sells lots to third-party developers and to their own home building division. The company also participates in select, strategic real estate opportunities including infill projects, mixed use developments, and joint ventures. In February 2018 it acquired some of the assets of San Diego-based real estate company OliverMcMillan, a developer of large-scale mixed use properties. Total assets as of June 30, 2018 were $4.5 billion.

Joseph Moinian is an Iranian-American investor, real estate developer, and philanthropist. He is the Founder and Chief Executive Officer of The Moinian Group, one of the country's largest privately held real estate firms.

Edper Investments Ltd. was the primary holding company and investment vehicle for brothers Edward Bronfman and Peter Bronfman between 1959 and 1995. At its peak in the 1980s and early 1990s, Edper was one of the largest corporate conglomerates in Canada, controlling more than 500 private and publicly traded companies in a complex structure that was estimated to be worth $100 billion, employed more than 100,000 Canadians, and comprised 15% of the total capitalization of the Toronto Stock Exchange.

Ric Clark Senior Managing Partner and global Head of Real Estate at Brookfield, CEO of Brookfield Property Partners

Ric Clark is a global real estate executive, a senior managing partner of Brookfield Asset Management Inc., and chairman of Brookfield’s real estate business, the Brookfield Property Group and its listed affiliate, Brookfield Property Partners, L.P. He joined the predecessor company to Brookfield in 1984 and has overseen the expansion of the company’s real estate portfolio in North and South America, Australia, Asia and Europe. Bloomberg ranks Mr. Clark as one of the 50 most powerful people in real estate.

First Capital Realty

First Capital Realty is a Canadian public real estate company, specializing in retail real estate, and based in Toronto, Ontario. It is one of the largest retail landlords in Canada.

Morguard

Morguard Corporation is a Canadian real estate company, based in Mississauga, Ontario. It owns retail, residential, office, industrial, and hotel properties. It also manages real estate and financial investments for institutional investors. As of October 2017, it owned $9.4 billion in real estate, and managed an additional $12.6 billion. Some of its owned properties are through its controlling ownership in two publicly listed real estate investment trusts, Morguard REIT and Morguard North American Residential REIT, and the publicly listed Temple Hotels. It is a public company listed on the Toronto Stock Exchange.

H&R REIT

H&R Real Estate Investment Trust is a Canadian open-ended real estate investment trust, specializing in commercial real estate, and based in Toronto, Ontario. It is the third largest REIT in Canada by market capitalization. H&R's portfolio includes 40 office properties, 161 retail properties, and 105 industrial properties and 11 other properties, with a total value of $13 billion. It is listed on the Toronto Stock Exchange.

References

  1. "Company Profile for Brookfield Properties Corp (BPO)" . Retrieved October 7, 2008.
  2. 1 2 "Brookfield Property Partners Completes Acquisition of Brookfield Office Properties". Yahoo! Finance. 9 June 2014. Retrieved 7 March 2016.
  3. "Contact" . Retrieved 31 December 2017.
  4. Plumb, Tierney (October 8, 2009). "1225 Connecticut Avenue Gets LEED Platinum". Washington Business Journal . Retrieved June 21, 2010.
  5. "Brookfield: History". Brookfield Properties. Archived from the original on 2006-07-22.
  6. Brookfield Office Properties history. Retrieved 2016-03-06
  7. Foran, Max (1982). Calgary, Canada's frontier metropolis : an illustrated history. Windsor Publications. p. 356. ISBN   0-89781-055-4.[ permanent dead link ]
  8. "Brookfield Office Proporties – History" . Retrieved 13 August 2013.
  9. "Employees Identify "The Green 30" Organizations Based On Eco-Friendly Programs and Practices". www.newswire.ca. Retrieved 2016-09-22.
  10. Vincent, Roger (13 October 2013) "Brookfield becomes dominant landlord in L.A. financial district" Los Angeles Times
  11. Vincent, Roger (November 14, 2014) "Oaktree Capital agrees to expand offices in downtown Los Angeles" Los Angeles Times
  12. Brookfield Properties (October 13, 2011). "Zucotti Park Owner's Letter to Police Commissioner Raymond Kelly on Occupy Wall Street". Public Intelligence. Retrieved October 15, 2011.
  13. Moynihan, Colin & Buckley, Cara (October 14, 2011). "Cleanup of Zuccotti Park Is Postponed". New York Times. Retrieved November 15, 2011.
  14. "Member Firms". www.rebny.com. Retrieved 2016-09-22.
  15. "Group Companies". Brookfield Office Properties. Retrieved 20 May 2013.
  16. "Brookfield Residential and Brookfield Homes Report Completion of Merger and Contribution". Archived from the original on 2011-05-05. Retrieved March 29, 2012.