|Industry||Commercial real estate|
|United States, Canada, Australia and the United Kingdom|
|Ric Clark (CEO)|
|Services||Office property development and management|
|Revenue||US$2.4 billion (2014)|
|US$2.8 billion (2014)|
|Total assets||US$34.4 billion (2014)|
Number of employees
|Parent||Brookfield Property Partners|
Brookfield Office Properties Inc. is a North American commercial real estate company, wholly owned by Brookfield Property Partners. The company has corporate offices in New York, Toronto, London 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, 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.
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. 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 2006, the company acquired Trizec Properties, which was founded in 1960 by William Zeckendorf, builder of Place Ville Marie.
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.
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.
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.
It wholly or partially owns the following companies: