Brookfield Property Partners L.P. is a global commercial real estate firm that is a publicly traded limited partnership and a subsidiary of Brookfield Asset Management, an alternative asset management company. Its portfolio includes properties in the office, multi-family residential, retail, hospitality, and logistics industries throughout North America, Europe, and Australia. Its subsidiary Brookfield Properties is responsible for the management of these facilities.
History
Brookfield Property Partners (BPY) was formed through a spin-off from Brookfield Asset Management in April 2013. On April 15, 2013, shares of BPY began trading on the Toronto and New York Stock Exchanges. The new company formed by the spin-off consolidated all of Brookfield's commercial property assets in one place. Between October 2013 and October 2014, BPY surpassed one million square feet of leasing deals in London.
In June 2014, BPY completed the acquisition of Brookfield Office Properties (BPO) through a tender offer. On June 10, 2014, BPO was de-listed from the Toronto Stock Exchange; ten days later, it was removed from the New York Stock Exchange.
Following a $300 million renovation, the company opened Brookfield Place, New York City's 375,000 square-foot retail space, in March 2015.
In a joint venture with Qatar Investment Authority, BPY completed the takeover of 100 percent of London's Canary Wharf Group (CWG) in April 2015. The deal acquired Songbird Estates Plc., which owned 69 percent of CWG, in a deal that valued Songbird at about 2.6 billion pounds ($3.9 billion US).
That same month, the company signed the law firm Skadden Arps to be the anchor tenant in its 2.1 million square-foot office tower in New York City, One Manhattan West.
In October 2015, BPY acquired a Brookfield residential development in Brooklyn called "Greenpoint Landing" and sold a 44% interest in the $8 billion Manhattan West development in New York to the Qatar Investment Authority.
Together with a joint venture partner, Korea Investment Corp., Brookfield Property Partners acquired Berlin's Potsdamer Platz in a deal valued at $1.41 billion in January 2016. The property is a major public square in central Berlin consisting of 17 buildings, 10 streets, and two squares covering over 2,900,000 square feet. The buildings are a mix of office, retail and residential space, including a hotel and leisure-use space.
Also in January 2016, Brookfield Property Partners, with a joint venture partner, Investment Corporation of Dubai, launched an office development project in Dubai, ICD Brookfield Place, in a deal valued at $1 billion.
Brian Kingston is the CEO of Brookfield Property Partners, and Ric Clark is the chairman of the company.
During 2023, Brookfield announced the publicly traded company would be taken private by Brookfield Corporation (Brookfield Asset Management Ltd).
Property types and markets
Brookfield Property Partners operates real estate in multiple sectors including office, retail, industrial, hospitality, self-storage, student housing and developing markets.
Office
Brookfield owns and operates office buildings in cities including New York, London, Toronto, Los Angeles, and Sydney. Some of the company's properties include Brookfield Place in New York and Bank of America Plaza in Los Angeles.
Retail
Brookfield Property Partners operates retail properties in the U.S., Europe, Brazil and Asia.
In 2014, Brookfield signed a lease with Hudson's Bay Company , owners of Saks Fifth Avenue department stores, in downtown Manhattan.
In 2016, Brookfield acquired Rouse Properties, taking over 35 malls and retail centers in 21 states.
Brookfield first acquired an interest in GGP Inc. in 2016. In August 2018, Brookfield acquired the remaining shares of GGP.
Concurrent with the GGP deal, Brookfield acquired retail properties on Bleecker St. in Manhattan from New York REIT Inc. with plans to revitalize the area. The company's plans included creating an incubator for online and emerging retailers, and hosting cultural events and art installations within the storefront spaces.
Industrial property
In 2012, Brookfield entered the industrial-property sector. Between 2012 and 2014, BPY purchased Atlanta-based Industrial Developments International and London-based Gazeley Ltd, industrial-property companies focused on the US, UK, Europe and Asia. The companies were subsequently merged and now operate as a single entity, IDI Gazeley.