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).
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has more than 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
