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.” 

Toronto-based Brookfield has declined to comment.