Talk:Brookfield Properties

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This is a doomed company...[edit]

but it will be a long road ahead. — Preceding unsigned comment added by 67.48.122.52 (talk) 23:08, 15 November 2011 (UTC)[reply]

Updating this page[edit]

I am a consultant that works with Brookfield Residential Properties. My goal is to factually update out of date company pages that were involved in the March 2011 transaction which formed Brookfield Residential Properties . See: http://www.brookfieldrp.com/content/2011_press_releases/brookfield_residential_and_brookfield_homes_report-26470.html

I am aware that I do have a conflict of interest. I'm here to contribute quality, neutral, verifiable information relating to the transaction and involved companies. My edits are not meant to be promotional in any way.

I am happy to discuss any concerns with my edits and offer suggestions for revisions if deemed innapropriate for Wikipedia, please contact me on my talk page. Mandatea (talk) 15:52, 2 April 2012 (UTC)[reply]

External links modified[edit]

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[edit]

I work for Brookfield Asset Management in the Branding & Communications group, on behalf of Brookfield Properties. I'd like to suggest a series of edits for this page. I am committed to following Wikipedia's paid editing guidelines.

The first change I'd like made is to update the logo to the actual logo of the company, which I recently uploaded and can be found at the following URL on Wikimedia Commons: https://commons.wikimedia.org/wiki/File:Brookfield_Properties_logo.png. You will see this is the company's logo by looking at the company's website which is here: www.brookfieldproperties.com.

Thank you, Dvruthven (talk) 13:43, 13 August 2019 (UTC)[reply]

Reply 13-AUG-2019[edit]

  Edit request implemented    Spintendo  18:41, 13 August 2019 (UTC)[reply]

Requested move 19 August 2019[edit]

The following is a closed discussion of a requested move. Please do not modify it. Subsequent comments should be made in a new section on the talk page. Editors desiring to contest the closing decision should consider a move review after discussing it on the closer's talk page. No further edits should be made to this discussion.

The result of the move request was: moved. (non-admin closure)​ — Newslinger talk 09:42, 27 August 2019 (UTC)[reply]

Brookfield Office Properties → Brookfield Properties – I work in Branding & Communications at Brookfield Asset Management on behalf of Brookfield Properties. I am requesting that the name of this page be moved to "Brookfield Properties". Brookfield Properties has been the actual, functional name of the company since 2017. Please refer to the corporate website (www.brookfieldproperties.com) to confirm this is the self-declared name. In addition, "Brookfield Properties" is the name media outlets overwhelmingly and currently use to refer to the organization. As per a Google News search, "Brookfield Properties" yields 10,900 hits, while searching for "Brookfield Office Properties" yields only 2,330. Finally, please note that "Brookfield Office Properties" still exists as a legal entity for Preferred Stock Dividend reasons, but it has not been the functional name of the company for some time. Dvruthven (talk) 14:11, 19 August 2019 (UTC)[reply]

The above discussion is preserved as an archive of a requested move. Please do not modify it. Subsequent comments should be made in a new section on this talk page or in a move review. No further edits should be made to this section.

Extensive edit request[edit]

As disclosed above on this page, I work for Brookfield Asset Management in the Branding & Communications group, on behalf of Brookfield Properties.

I propose the following changes to the article, primarily with the goal of correcting, removing or updating inaccurate information, as well as adding new sourced content to the History section. I appreciate your patience in reviewing my proposed edits, as they are extensive.

Edit request

1. Remove "more citations needed" tag, as I am providing sufficient citations here.

2. Changes to infobox:

  • Change title from "Brookfield Office Properties Inc." to "Brookfield Properties"
  • Change Industry from "Commercial real estate" to "Real estate," as the company manages non-commercial real estate as well (e.g., residential)
  • Change Area served to "Worldwide"[1] or, alternatively, list all 10 countries that appear in the reference provided.
  • Change Key people from "Ric Clark (CEO)" to "Brian Kingston (CEO, Brookfield Property Partners)"[2]
  • Change services from "Office property development and management" to "Property development and management," as the company's portfolio is no longer limited to office properties.
  • Remove the Revenue, Net income, Total assets and Number of employees fields, as these are all old numbers that are no longer relevant since the company went private in 2014.

3. Intro, paragraph 1: Update and expand.

Current text:
Brookfield Office Properties Inc. is a North American commercial real estate company, wholly owned by Brookfield Property Partners.[3] The company has corporate offices in New York, Toronto, London and Sydney.[4]
Proposed text:
Brookfield Properties is a global real estate services and development company, wholly owned by Brookfield Property Partners.[3] The company manages and develops office, retail, multifamily, hospitality, logistics, mixed-use and residential real estate[5] and has corporate offices in New York, Toronto, London and Sydney.[4]

4. Intro, paragraph 2: Update the fact that the company no longer owns properties. Remove the list of locations and properties and replace with a summarizing statement, as the company's portfolio has grown to the point that a full list of notable properties would be too long for an introductory paragraph.

Current text:
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, Bankers Hall and Brookfield Place in Calgary. It also operates real estate service businesses and has a land-development business primarily based in Canada.
Proposed text:
The company manages the real estate portfolio of Brookfield Asset Management, which claims to be the largest commercial landlord in numerous cities around the world, including New York, Los Angeles and London.[6]

5. Trim image caption to remove unnecessary trivia.

Current text:
Brookfield's 1225 Connecticut Avenue in Washington, D.C., is the first redeveloped office building on the East Coast to receive LEED Platinum status.[7]
Proposed text:
Brookfield's 1225 Connecticut Avenue in Washington, D.C.

6. History, paragraph 1: Expand, add details, and remove line about the Montreal Arena (according to the source, the Canadian Arena Company was formed after the Arena had burned down in 1918).

Current text:
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.[8] After the Montreal Forum closed, the Forum was sold to competitor Canderel Properties.
Proposed text:
The company's roots go back to the early 1900s in Montreal, Quebec. The company was incorporated in 1924 as the Canadian Arena Corporation. That same year, the company constructed the Montreal Forum to house a new National Hockey League franchise in Montreal.[9]
In a partnership with Toronto investors, it also built the Arena Gardens in Toronto. From 1935 to 1957, the company owned the Montreal Canadiens National Hockey League club.
In 1970, the company was acquired by Edper Investments and in 1976, Brookfield Properties, then called Carena Properties, expanded its real estate interests by acquiring a controlling interest in Trizec, one of Canada's largest public real estate companies.[10] After the Montreal Forum closed, the Forum was sold to competitor Canderel Properties.

7. History, paragraph 2: Add line about acquisition of stake in Olympia & York.

Current text:
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.[11]
Proposed text:

In 1989, Carena acquired a 33% interest in Olympia & York Developments Ltd., developers of the World Financial Center in New York,[12] 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.[13]

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, 245 Park Avenue in Manhattan and 53 State Street in Boston. That year, Carena changed its name to Brookfield Properties Corporation.[14]

In 1997, Brookfield Properties purchased 45% of Gentra, Inc., owner of several commercial properties in Toronto.[15]

In 2000, Brookfield Properties acquired a portfolio of Calgary office properties, including the Bankers Hall complex.[16]

9. History, paragraph 3: Minor edits and add reference to facilitate removal of "citation needed."

Current text:
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]
Proposed text:
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.[17]

10. Add paragraph on spin-off of Brookfield Homes.

Proposed added text:
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.[18]

11. History, paragraph 4: Add detail, remove flowery language and split paragraph.

Current text:
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.[19]
Proposed text:
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.[20]
In 2006, the company acquired Trizec Properties, which was founded in 1960 by William Zeckendorf, builder of Place Ville Marie.[21]

12. History, paragraph 5: Remove quotation marks, add wikilink, add better reference.

Current text:
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.[22]
Proposed text:
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.[23]

13. Add paragraph on name change to Brookfield Office Properties in 2011 and add line about formation of Brookfield Residential (taken from Subsidiaries section below).

Proposed added text:
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.[24] That same year, Brookfield Properties changed its name to Brookfield Office Properties to reflect its focus on commercial office properties.[25][26]

14. History, paragraph 6: Remove, as it is trivial and not reflected in the source.

Text to be removed:
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.[27]

15. History, paragraph 7: Sharpen language and trim unnecessary content.

Current text:
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.[28][29]
Proposed text:
In 2013, Brookfield Office Properties Inc. became the largest office landlord in Los Angeles after acquiring MPG Office Trust Inc.'s downtown portfolio.[30] 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, 777 Tower and the Wells Fargo Center on Bunker Hill.[31][32]

16. Add final paragraph to History on acquisition of Forest City.

Proposed added text:
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.[33]

17. Remove Associations section, as the company's membership in REBNY, while true, does not warrant noting in the article, and certainly does not deserve its own section.

18. Remove Subsidiaries and joint ventures section, as this information is now obselete with the company having gone private in 2014.

References

  1. ^ "Brookfield Property Index". Brookfield Properties. Retrieved 2019-09-25.
  2. ^ "Brian Kingston". Brookfield Asset Management. Retrieved 2019-09-25.
  3. ^ a b Cite error: The named reference Yahoo! Finance: Brookfield Property Partners Completes Acquisition of Brookfield Office Properties was invoked but never defined (see the help page).
  4. ^ a b "Contact". Retrieved 31 December 2017.
  5. ^ "Overview". Retrieved 2019-09-25.
  6. ^ "The Power 100: Commercial Real Estate's Most Powerful Players". The Commercial Observer. 2019-04-23. Retrieved 2019-09-25.
  7. ^ Plumb, Tierney (October 8, 2009). "1225 Connecticut Avenue Gets LEED Platinum". Washington Business Journal. Retrieved June 21, 2010.
  8. ^ "Brookfield: History". Brookfield Properties. Archived from the original on 2006-07-22.
  9. ^ Dinger, Ed; Ingati, Paul (2018). "Brookfield Office Properties, Inc.". In Johnson, Drew D. (ed.). International Directory of Company Histories. Vol. 199. St. James Press. pp. 79–84. Retrieved 2019-09-25.
  10. ^ Dinger, Ed; Ingati, Paul (2018). "Brookfield Office Properties, Inc.". In Johnson, Drew D. (ed.). International Directory of Company Histories. Vol. 199. St. James Press. pp. 79–84. Retrieved 2019-09-25.
  11. ^ Brookfield Office Properties history. Retrieved 2016-03-06
  12. ^ Dinger, Ed; Ingati, Paul (2018). "Brookfield Office Properties, Inc.". In Johnson, Drew D. (ed.). International Directory of Company Histories. Vol. 199. St. James Press. pp. 79–84. Retrieved 2019-09-25.
  13. ^ Brookfield Office Properties history. Retrieved 2016-03-06
  14. ^ Dinger, Ed; Ingati, Paul (2018). "Brookfield Office Properties, Inc.". In Johnson, Drew D. (ed.). International Directory of Company Histories. Vol. 199. St. James Press. pp. 79–84. Retrieved 2019-09-25.
  15. ^ Dinger, Ed; Ingati, Paul (2018). "Brookfield Office Properties, Inc.". In Johnson, Drew D. (ed.). International Directory of Company Histories. Vol. 199. St. James Press. pp. 79–84. Retrieved 2019-09-25.
  16. ^ Dinger, Ed; Ingati, Paul (2018). "Brookfield Office Properties, Inc.". In Johnson, Drew D. (ed.). International Directory of Company Histories. Vol. 199. St. James Press. pp. 79–84. Retrieved 2019-09-25.
  17. ^ "Deal Is Signed To Take Over Trade Center". The New York Times. 2001-04-27. Retrieved 2019-09-25.
  18. ^ Dinger, Ed; Ingati, Paul (2018). "Brookfield Office Properties, Inc.". In Johnson, Drew D. (ed.). International Directory of Company Histories. Vol. 199. St. James Press. pp. 79–84. Retrieved 2019-09-25.
  19. ^ Foran, Max (1982). Calgary, Canada's frontier metropolis : an illustrated history. Windsor Publications. p. 356. ISBN 0-89781-055-4.[permanent dead link]
  20. ^ "Brookfield Group buys O&Y". The Globe and Mail. 2005-06-01. Retrieved 2019-09-25.
  21. ^ Foran, Max (1982). Calgary, Canada's frontier metropolis : an illustrated history. Windsor Publications. p. 356. ISBN 0-89781-055-4.[permanent dead link]
  22. ^ "Brookfield Office Proporties – History". Retrieved 13 August 2013.
  23. ^ "Brookfield pays £43m for 50pc stake in Bishopsgate". The Daily Telegraph. 2010-04-01. Retrieved 2019-09-25.
  24. ^ "Brookfield Residential and Brookfield Homes Report Completion of Merger and Contribution". Archived from the original on 2011-05-05. Retrieved March 29, 2012.
  25. ^ "11-300 Brookfield Properties Corporation ("BPO") Name Change to: Brookfield Office Properties Inc" (PDF). Retrieved 2019-09-25.
  26. ^ "Brookfield Properties Announces Plan to Become a Pure-Play Office Company". Retrieved 2019-09-25.
  27. ^ "Employees Identify "The Green 30" Organizations Based On Eco-Friendly Programs and Practices". www.newswire.ca. Retrieved 2016-09-22.
  28. ^ Vincent, Roger (13 October 2013) "Brookfield becomes dominant landlord in L.A. financial district" Los Angeles Times
  29. ^ Vincent, Roger (November 14, 2014) "Oaktree Capital agrees to expand offices in downtown Los Angeles" Los Angeles Times
  30. ^ "Brookfield to Buy MPG Office Trust". The Wall Street Journal. 2013-04-26. Retrieved 2019-09-25.
  31. ^ Vincent, Roger (13 October 2013) "Brookfield becomes dominant landlord in L.A. financial district" Los Angeles Times
  32. ^ Vincent, Roger (November 14, 2014) "Oaktree Capital agrees to expand offices in downtown Los Angeles" Los Angeles Times
  33. ^ "Farewell, Forest City. Brookfield wraps up purchase of Cleveland real estate company". The Plain Dealer. 2018-12-07. Retrieved 2019-09-25.

Thank you, Dvruthven (talk) 13:38, 2 October 2019 (UTC)[reply]

Hello, I've done most of the edits, but at discretion, I've kept some sourced information in the article even if it's slightly out of date. Thanks for your request! Sceptre (talk) 01:26, 3 October 2019 (UTC)[reply]

@Sceptre: Thank you so much! I noted that a few items were not addressed, so I wanted to confirm if they are able to be made. First, I requested removal of the "more citations needed" tag (see #1 in my edit request), since we've added a significant number of citations here. Second, I requested to change the first two sentences of the article (see #3 in my edit request), in particular to change "Brookfield Office Properties Inc." to "Brookfield Properties" and "North American commercial real estate company" to "global real estate services and development company." Finally, I had requested changes to the paragraph about the events of 2005-2006 (see #11 in my edit request). It looks like the sentence on 2006 was inadvertently duplicated and the changes to the sentence on 2005 didn't make it in.
I very much appreciate your time on this as I know there were a significant amount of changes. Thanks again for all your help! Dvruthven (talk) 12:58, 3 October 2019 (UTC)[reply]
@Dvruthven: Hello! Thanks for alerting me of the few things I've missed. I've done the first and last things you've asked for; with regards to changing "North American" to "global", I think the practice is to use countries (or sometimes for cross-border companies regional) as a demonym, even if they're global companies (compare: Viacom (2005–present), Nestlé). I'm not overly fussed over whether it says "Canadian", "North American", or "global", though; I'm just following what seems to be best practice. Sceptre (talk) 22:10, 3 October 2019 (UTC)[reply]
@Sceptre: Thank you again! Dvruthven (talk) 12:47, 7 October 2019 (UTC)[reply]

Merger proposal[edit]

As disclosed previously, I work for Brookfield Asset Management in the Branding & Communications group, on behalf of Brookfield Properties.

I would like to propose that the page "Brookfield Properties Retail Group" be merged into the "Brookfield Properties" page. I am suggesting this merger as there is technically no entity with the name "Brookfield Properties Retail Group." It does not exist as its own company, but rather is the operational group of Brookfield Properties that manages the company's retail real estate portfolio.

If you visit the website for our retail portfolio, you will see that it only refers to Brookfield Properties and not to Brookfield Properties Retail Group.

Thank you in advance for your consideration. Dvruthven (talk) 13:57, 7 October 2019 (UTC)[reply]

Hi, @TonyTheTiger and Dmehus: Some time has passed, and there does not appear to be any opposition to my proposal to merge Brookfield Properties Retail Group into Brookfield Properties. I would be inclined to perform the merger myself, but I am avoiding editing these pages due to my disclosed conflict of interest. Can one of you please do the honors?

Doug, regarding your proposed second-step merger, I think the best course of action would be to first take care of the uncontroversial merger of Brookfield Properties Retail Group, and then you can propose the second merger separately at Talk:Brookfield Property Partners, where I will chime in. Thanks! Dvruthven (talk) 19:01, 22 October 2019 (UTC)[reply]

Edit request: Merging Brookfield Properties Retail Group into Brookfield Properties[edit]

As disclosed above, I work for Brookfield Asset Management in the Branding & Communications group, on behalf of Brookfield Properties.

In the previous section of this Talk page, I proposed the merger of Brookfield Properties Retail Group into Brookfield Properties, since, as I wrote, Brookfield Properties Retail Group "does not exist as its own company, but rather is the operational group of Brookfield Properties that manages the company's retail real estate portfolio." This can be corroborated by retail group's website, which refers only to Brookfield Properties and not to "Brookfield Properties Retail Group."

The merger proposal attracted some support and no opposition, so I am requesting that the merger be implemented, as I am avoiding editing these pages due to my disclosed conflict of interest.

I am requesting that the relevant content from Brookfield Properties Retail Group, specifically the history of GGP, be added to the History section of Brookfield Properties in the manner described in the collapsed section below, and that Brookfield Properties Retail Group redirect to Brookfield Properties.

Edit request

Please add the following text to the end of the History section of Brookfield Properties. Everything in the "History of GGP" section is taken directly from the text found currently at Brookfield Properties Retail Group.

Brookfield Properties' retail group[edit]

Following the acquisition of GGP Inc. by Brookfield Property Partners on August 28, 2018, GGP became the retail arm of Brookfield Properties.[1] Sandeep Mathrani, who served as CEO of GGP from 2010 to 2018, became CEO of Brookfield Properties' retail group upon GGP's acquisition.[2]

History of GGP[edit]

General Growth was founded in Iowa by three brothers, Martin, Matthew and Maurice Bucksbaum,[3] in 1954 as General Management.[4] That year, they borrowed $1.2 million to develop their first shopping center, Town & Country Shopping Center in Cedar Rapids, Iowa, in order to open a fourth location for the grocery store founded by their father.[5]

By 1964, the company owned 5 malls and moved its headquarters to Des Moines, Iowa.[4] In 1970, General Management became General Growth Properties (GGP) and became a public company via an initial public offering.[4] In 1984, the company sold its holdings to Equitable Real Estate Investment Management for $800 million in the largest-ever single-asset real estate transaction to date, but retained the property management of the assets.[6] In 1989, the company acquired Center Companies, creating the fourth-largest shopping center management company in the United States.[7][8]

In 1993, the company once again became a public company via an initial public offering, raising $400 million.[8] In 1994, the company purchased a 40% interest in Centermark Properties from Prudential Financial.[9][10] In 1995, the company sold 25% of its 40% stake, yielding a profit of over $100 million. In 1995, the company also purchased the Homart Development Company from Sears for $1.85 billion.[11] In 1995, co-founder and CEO Martin Bucksbaum died and the company moved its headquarters from Des Moines to Chicago.[5][12] In 1999, John Bucksbaum succeeded his father as CEO.[13]

GGP logo 2011-2018

In 2000, the company moved its headquarters from Des Moines to Chicago.[4] The company occupied a historic building on North Wacker Drive designed by architectural firm Graham, Anderson, Probst & White, that was later demolished.[14] In 2004, the company acquired The Rouse Company, which owned 37 regional shopping malls and Howard Hughes Corporation, a land development company, for $7.2 billion in cash.[15][16] By 2008, the company had taken on $25 billion in debt and the company was facing required debt payments. John Bucksbaum was ousted as CEO, though he remained chairman of the board, and Adam Metz was named CEO.[13] In December 2008, hedge fund manager Bill Ackman disclosed a 25% ownership stake in the company.[17]

In 2009, the company missed a deadline to repay $900 million in loans backed by two Las Vegas properties, putting the company in danger of filing for bankruptcy protection. At that point, the stock price was down 98% in 12 months.[18] The Bucksbaum family's stake in the firm, which was worth $2.5 billion in 2005,[12] had declined in value by a similar amount.[13] On April 16, 2009, the company filed one of the largest real estate bankruptcies ever and received $375 million in debtor-in-possession financing from Pershing Square Capital Management, the hedge fund managed by Bill Ackman.[19] In February 2010, Brookfield Asset Management made a $2.625 billion equity investment in the company.[20][21] In November 2010, the company exited bankruptcy protection. Creditors were paid in full and equity holders made a "substantial" recovery of their investment, both of which are unusual in bankruptcy filings.[22] In conjunction with the reorganization, the company spun off Howard Hughes Corporation to its shareholders.[23]

In December 2010, CEO Adam Metz and President and COO Thomas Nolan left the company and Sandeep Mathrani, formerly the head of the retail division of Vornado Realty Trust, was named CEO.[24] In 2011, the company sold Faneuil Hall for $140 million.[25] In January 2012, the company completed the spin off of The Rouse Company to its shareholders.[23] In 2013, co-founder Matthew Bucksbaum died.[4] In February 2014, Bill Ackman sold his remaining shares in the company back to the company for $556 million.[26] In April 2015, the company acquired the Crown Building for $1.78 billion.[27] In January 2017, the company changed its name to GGP Inc.[28]

References

  1. ^ "About Us, Company Overview". Brookfield Properties' retail group.
  2. ^ "Management Profiles". Brookfield Properties' retail group.
  3. ^ Strom, Stephanie (July 10, 1995). "Martin Bucksbaum, 74, Pioneer In Shopping Center Development". The New York Times.
  4. ^ a b c d e Goldsborough, Bob (November 29, 2013). "Matthew Bucksbaum, 1926-2013". Chicago Tribune.
  5. ^ a b Strom, Stephanie (July 10, 1995). "Obituaries: Martin Bucksbaum, 74, Pioneer In Shopping Center Development". The New York Times.
  6. ^ "Matthew Bucksbaum, 87, pioneer and philanthropist". International Council of Shopping Centers. November 26, 2013. Archived from the original on August 8, 2017. Retrieved August 8, 2017.
  7. ^ "Shopping Center Groups Combine". Associated Press. The New York Times. September 30, 1989.
  8. ^ a b Johnson, Ben (January 1, 1996). "General Growth lives up to its name and then some". National Real Estate Investor.
  9. ^ MILLS, JOSHUA (November 4, 1993). "Prudential Will Sell Centermark". The New York Times.
  10. ^ "Investors to buy Prudential's shopping malls for $1 billion". United Press International. November 3, 1993.
  11. ^ "Sears Completes Sale of Its Homart Unit". Reuters. The New York Times. December 27, 1995.
  12. ^ a b Murphy, H. Lee (October 15, 2005). "Bucksbaum". Crain Communications.
  13. ^ a b c "General Growth founder's son steps aside as CEO". Reuters. October 27, 2008.
  14. ^ "General Growth Building, Chicago". Chicago Architecture Info.
  15. ^ "General Growth Properties, Inc. Completes Merger of the Rouse Company" (Press release). Business Wire. November 12, 2004.
  16. ^ PRISTIN, TERRY (August 21, 2004). "Reshaping a Reshaper of Landscapes; Rouse Company to Be Acquired By Owner of Shopping Centers". The New York Times.
  17. ^ "Ackman Raises Stake in General Growth". The New York Times. December 10, 2008.
  18. ^ "General Growth misses payments". Bloomberg News. Baltimore Sun. February 13, 2009.
  19. ^ DE LA MERCED, MICHAEL J. (April 16, 2009). "General Growth Properties Files for Bankruptcy". The New York Times.
  20. ^ "General Growth Properties Announces $2.625 Billion Proposed Equity Commitment from Brookfield Asset Management" (Press release). Business Wire. February 24, 2010.
  21. ^ Graham, Scott (February 24, 2010). "General Growth nabs $2.6B from Brookfield Asset to emerge from bankruptcy". American City Business Journals.
  22. ^ Hals, Tom; Stempel, Jonathan (November 9, 2010). "U.S. mall operator General Growth exits bankruptcy". Reuters.
  23. ^ a b "General Growth Properties Completes Spinoff of The Howard Hughes Corporation" (Press release). Business Wire. November 9, 2010.
  24. ^ Jonas, Ilaina (December 17, 2010). "General Growth CEO, president leave Dec. 22-sources". Reuters.
  25. ^ "GGP Sells Faneuil Hall Marketplace for $140 Million" (Press release). PRNewswire. October 14, 2011.
  26. ^ "General Growth returns not enough for Ackman's requirements". Bloomberg L.P. Crain Communications. February 13, 2014.
  27. ^ McIntyre, Andrew (April 21, 2015). "General Growth Pays $1.8B For New York's Crown Building". Law360.
  28. ^ "General Growth Properties Announces Corporate Name Change to GGP" (Press release). Business Wire. January 17, 2017.

Thank you, Dvruthven (talk) 20:44, 30 October 2019 (UTC)[reply]

Reply 30-OCT-2019[edit]

  Wrong venue. Please use WP:MERGEREQ  

  • Please note that any requested merger involving a conflict of interest is automatically assumed to be controversial in nature; thus, an uncontroversial merger as described by the COI editor would not be possible.
  • The previous forum used was WP:AFD. In order to complete this "first stage merger" — which is merging selective material from this article into another — the request should be submitted via selective merge requests. That is the appropriate forum for implementing this request.
  • More information and assistance may be found at WP:PROPMERGE.

Regards,  Spintendo  23:54, 30 October 2019 (UTC)[reply]

Edit request: regarding recent addition of "subsidiary"[edit]

I work for Brookfield Asset Management in the Branding & Communications group, on behalf of Brookfield Properties.

Recently, an editor added Center Parcs UK as a subsidiary of Brookfield Properties. This is incorrect; it is owned by Brookfield Property Partners, not Brookfield Properties (source). Please revert this change.

Separately, in the edit prior to the most recent one, someone added a question mark following the "Net income" number in the infobox. Please remove that as well.

Thank you! Dvruthven (talk) 13:13, 21 February 2020 (UTC)[reply]

Reply 21-FEB-2020[edit]

❎  Items removed  

  • The two previous edits to the article have been removed as requested.

Regards,  Spintendo  14:20, 21 February 2020 (UTC)[reply]

September 2020 layoffs[edit]

I work for Brookfield Asset Management in the Branding & Communications group, on behalf of Brookfield Properties.

User:Pmaccabe recently added a section called "2020s" with the sentence: "In September 2020 the company announced a layoff of 20% of employee's, around 200 people." For accuracy's sake, please change "the company" to "the company's retail group." This is an important distinction because the retail group is only one of several sectors of Brookfield Properties, and the current language incorrectly suggests that the layoffs will affect 20% of the entire company's employees, rather than 20% of Brookfield Properties' retail group alone. Thank you! Dvruthven (talk) 12:24, 14 October 2020 (UTC)[reply]

 Done --Justanothersgwikieditor (talk) 02:58, 15 October 2020 (UTC)[reply]
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