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CBRE & Brookfield Properties Forge Strategic Partnership
Brookfield Properties’ U.S. Office Portfolio Anchors; CBRE’s New Portfolio-Level Property Management Service Offering
January 17, 2024
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CBRE Group, Inc. (NYSE:CBRE) and Brookfield Properties today announced a strategic partnership that leverages the combined power of both firms to drive tenant satisfaction and property performance.
Under the partnership, CBRE and Brookfield Properties will together deliver comprehensive property management services – including building operations, property accounting, procurement services and enabling technology – for Brookfield Properties’ more than 65 million square foot office portfolio across the U.S.
CBRE’s new Property Management offering – CBRE Investor Portfolio Management – serves property owners at the portfolio level. Brookfield Properties will be the cornerstone client of CBRE’s Investor Portfolio Management business.
“This strategic partnership enables us to leverage the best practices of two global real estate businesses to continue to deliver the exceptional service our tenants expect, while improving operational efficiency and allowing us to focus on strategic activities that drive the most value for our investors,” said Greg Meyer, President of Brookfield Properties’ North American office business.
The partnership will benefit from CBRE’s extensive Property Management capabilities, taking advantage of its scale, agility, resources and purchasing power as well as its deep experience with operating large property portfolios and Brookfield Properties’ long-standing commitment to provide top quality tenant services and its success as a premier building operator.
“We are thrilled that Brookfield Properties has chosen us as their partner, which we believe will set a new property management standard in the marketplace. We are well positioned to help Brookfield deliver exceptional experiences for their tenants and further drive overall value creation for its U.S. office portfolio,” said Emma Buckland, Global President, Property Management for CBRE.
CBRE Property Management will leverage its key operating partners’ capabilities in serving Brookfield Properties and other Investor Portfolio Management clients. These include Deepki (investor sustainability data intelligence platform) Industrious (flex space) and VTS (tenant experience platform).
Forward-Looking Statements
Certain of the statements in this release regarding CBRE’s management of Brookfield’s U.S. office property portfolio that do not concern purely historical data are forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward- looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, but not limited to, CBRE’s ability to integrate Brookfield’s team and to deliver the benefits envisioned by this strategic partnership, as well as other risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (SEC). Any forward- looking statements speak only as of the date of this release. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements and other risks and uncertainties to our business in general, please refer to our SEC filings, including our Form 10-K for the fiscal year ended December 31, 2022 and our Form 10-Q for the period ended September 30, 2023. Such filings are available publicly and may be obtained from our website at www.cbre.com or upon request from the CBRE Investor Relations Department at [email protected].