Brookfield Drops Cushman & Wakefield as U.S. Office Listings Agent
Canada’s Brookfield Asset Management has stopped using Cushman & Wakefield as its listing agent for major U.S. office and logistics properties, Bloomberg and Reuters reported.
The development follows Cushman & Wakefield’s decision to withdraw from a deal to move its New York office space from 1290 Avenue of the Americas to Brookfield’s 660 Fifth Avenue in Manhattan, the two wire services reported.
Cushman & Wakefield has been reducing its workforce and exploring property lease rationalizations designed to achieve about US$130 million in savings this year.
“We’re proud of the work and longstanding value our brokerage advisory professionals helped to build into Brookfield’s portfolio,” Cushman spokesman Mike Boonshoft said in a statement provided to Bloomberg and Reuters. “While completely surprised by this reaction, we consider disciplined management in the best interest of our firm, employees and shareholders.”
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.