Brookfield Properties Corporation
New York, NY
With a stock market value of $8.6 billion in assets, Brookfield Properties owns, manages, and develops office properties in the downtown core of New York City, Boston, Toronto, Calgary, Denver, and Minneapolis. The company’s portfolio of 46 million square feet of space includes more than 50 office buildings including most of Manhattan’s World Financial Center and BCE Place in Toronto. The company is publicly traded, and offers the following strategy: reallocation of capital to deliver growth for shareholders over the long term and throughout economic cycles; and early renewal of existing leases to reduce risk and capture higher market rates. As a result, over 15 million square feet have been leased from 1999 to 2002 – over three times contractual expiries, and the company generated in excess of $900 million of liquidity in 2002.
[Editors’ Note: With the clean-up phase of Lower Manhattan’s recovery complete (and successful) and the restoration of almost all pre-9/11 transportation, Brookfield continues its active involvement in both Lower Manhattan’s revitalization and the reshaping of its future. In fact, Brookfield’s restoration and reopening of the Winter Garden at the World Financial Center in September 2002 did much to restore faith in the area’s renewal. Additionally, this year’s spin-off of Brookfield’s U.S.-based residential operations has helped solidify its “pure play premium property strategy.”]