Brookfield Property Partners operates real estate in multiple sectors, including office, retail, industrial, hospitality, self-storage, student housing, and developing markets. It is a global commercial real estate company and a subsidiary of alternative asset management company Brookfield Asset Management.
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-October 2014, BPY surpassed one million square feet of leasing deals in London.
The company 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 the Bank of America Plaza in Los Angeles.
In 2015, the company opened Brookfield Place, a 375,000 sq ft retail space in New York City. They later went into a joint venture with Qatar Investment Authority and further takeover London’s Canary Wharf Group. In the same year, BPY acquired a Brookfield residential development in Brooklyn called Greenpoint Landing. In a joint venture partnership with 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.
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. The CEO of the company is Brian Kingston, and Ric Clark is the chairman of the company.