Brookfield Office Properties
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|Industry||Real estate ownership/Operations/Investments|
|Headquarters||Brookfield Place, New York, United States|
|United States, Canada, Australia and the United Kingdom|
|Ric Clark Chief Executive Officer|
|Services||Office property development and management|
|Revenue||US$2.4 billion (2014)|
|US$2.8 billion (2014)|
|Total assets||US$34.4 billion (2014)|
|Owner||Brookfield Property Partners|
Number of employees
|Parent||Brookfield Asset Management|
Brookfield Office Properties Inc. is a North American commercial real estate company, wholly owned by Brookfield Property Partners. The company has its headquarters operations in New York, Toronto and Sydney.
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, Calgary; Alberta; Ottawa, Ontario; and Vancouver, British Columbia as well as Australian cities 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.
The company's roots go back to the 1900s in Montreal, Quebec. It was known then as the Canadian Arena Company. It 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. In 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 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.
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.
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 2010, it entered into London and Australian Markets by acquiring 100 Bishopsgate development site in the City of London and 16 properties encompassing 8 Million SF in three major Australian cities.
Brookfield Office Properties Inc. became the dominant office landlord in the Los Angeles's 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.
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.
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". The request was later withdrawn. 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.
Subsidiaries and joint ventures
It wholly or partially owns the following companies:
- Brookfield Canada Office Properties – a real estate investment trust that manages commercial office properties in Toronto, Calgary, Ottawa and Vancouver.
- Brookfield Johnson Controls – a commercial property and project management, joint venture established in 1992 with Johnson Controls and known as Brookfield LePage Johnson Controls or BLJC until March 2013.
- Brookfield Residential Services Ltd. – a condominium management corporation in the greater Toronto area
- Brookfield Residential Properties Inc. – a developer and homebuilder in North America. On March 31, 2011, Brookfield Office Properties divested their residential group consisting of Carma Developers and Brookfield Homes (Ontario) Ltd. to merge with Brookfield Homes Corporation to form Brookfield Residential Properties Inc.
- Boston Properties
- Silverstein Properties Inc.
- Vornado Realty Trust
- Cadillac Fairview
- Oxford Properties
- Green Parking Council
- Olympia and York - former firm from which many properties now belong to Brookfield
- "Company Profile for Brookfield Properties Corp (BPO)". Retrieved October 7, 2008.
- "Brookfield Property Partners Completes Acquisition of Brookfield Office Properties". Yahoo! Finance. 9 June 2014. Retrieved 7 March 2016.
- "Contact". Retrieved 13 August 2013.
- Plumb, Tierney (October 8, 2009). "1225 Connecticut Avenue Gets LEED Platinum". Washington Business Journal. Retrieved June 21, 2010.
- "Brookfield: History". Brookfield Properties.
- Brookfield Office Properties history. Retrieved 2016-03-06
- Foran, Max (1982). Calgary, Canada's frontier metropolis : an illustrated history. Windsor Publications. p. 356. ISBN 0-89781-055-4.
- "Brookfield Office Proporties - History". Retrieved 13 August 2013.
- Vincent, Roger (13 October 2013) "Brookfield becomes dominant landlord in L.A. financial district" Los Angeles Times
- Vincent, Roger (November 14, 2014) "Oaktree Capital agrees to expand offices in downtown Los Angeles" Los Angeles Times
- 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.
- Moynihan, Colin & Buckley, Cara (October 14, 2011). "Cleanup of Zuccotti Park Is Postponed". New York Times. Retrieved November 15, 2011.
- "Group Companies". Brookfield Office Properties. Retrieved 20 May 2013.
- "Brookfield Residential and Brookfield Homes Report Completion of Merger and Contribution". Retrieved March 29, 2012.
- brookfieldproperties.com, the company's official website