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Bloomberg is reporting that Brookfield fired Cushman & Wakefield from handling its U.S. office and logistics listings as punishment for Cushman's decision not to move some of its own offices into a Brookfield tower. Bloomberg describes it as "a big hit for the brokerage firm" that worked on many Brookfield properties:

Brookfield is one of the world's biggest owners of commercial real estate, making it a key client for any brokerage. Cushman had been responsible for leasing office space at major Brookfield properties including New York's Manhattan West development and 660 Fifth Ave.

The move comes after Cushman backed away from a deal to shift some of its offices to Brookfield's redeveloped 660 Fifth Ave. from a spot at 1290 Avenue of the Americas, according to people familiar with the matter who asked not to be identified citing private information.

Cushman has been on a cost-cutting spree amid declines in commercial-property dealmaking over the past year. High borrowing costs and uncertainty around remote-work trends have resulted in fewer transactions in the industry. Cushman's revenue fell 9% in the third quarter from a year ago.

'We're proud of the work and long-standing value our brokerage advisory professionals helped to build into' Brookfield's portfolio, Mike Boonshoft, a Cushman spokesman, said in an emailed statement. 'While completely surprised by this reaction, we consider disciplined management in the best interest of our firm, employees and shareholders.'

https://www.bloomberg.com/news/articles/2023-11-02...

Brookfield spent $400 million renovating the office tower at 660 Fifth Ave. after bailing out Jared Kushner, who bought it at the top of the market, was underwater and faced a balloon payment in 2018 he couldn't make. There were allegations in the press that it was actually the government of Qatar, a major investor in Brookfield's real estate portfolio, bailing out Kushner in exchange for geopolitical considerations from the U.S. federal administration of which Kushner was a part.

What's interesting about this is the signal it sends about Brookfield's challenges leasing the refurbished building. If demand were great and rental rates rising, which is Brookfield's claim with respect to its New York trophy properties, a prospective tenant pulling out would not be expected to trigger such a spiteful reaction.

Bloomberg said Brookfield had no comment on the report.

It's wonderful to see an active Brookfield board. Let's keep the momentum going everyone! By everyone I truly mean every single poster. All views are sought after, valuable and welcome!

To avoid clutter, I have consolidated my responses to multiple posts.

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spinach: Brookfield spent $400 million renovating the office tower at 660 Fifth Ave. If demand were great and rental rates rising, which is Brookfield's claim with respect to its New York trophy properties, a prospective tenant pulling out would not be expected to trigger such a spiteful reaction.

Brookfield Property classifies 10 office buildings and 19 malls as Premier Core or Trophy. 660 fifth avenue is not one of them. It falls into another bucket which they call Transitional and Development. Also, there might be more to the story than meets the eye.

I looked it up. So I might as well list them here for future reference. Below are the 10 office buildings classified as Trophy with 95% occupancy and 9 years lease life per Brookfield.

Brookfield Place, 300 Vesey St, NY
Manhattan West, 385 9th Ave, NY
300 Madison Avenue, NY
Grace Building, 1114 6th Ave, NY
Canary Wharf, London
100 Bishop gate, London
Brookfield Place, Toronto
Bay Adelaide Centre, Toronto
Brookfield Place, Dubai
Potsdamer Platz Berlin

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mdtls: Interestingly, Yahoo charts shows the peak on Nov 1 2021...$49.71
On Feb 7, 2022 (closest it can get to 2/10) it shows a share price of $46.94.
Perhaps i'm doing something incorrectly.

In Yahoo Finance, instead of Charts, click on Historical Data. Expand the Time Period. Then check the price in the HIGH column for 2/10/20. You will see 50.50. Keep in mind, this price is not adjusted for future dividends which Chart prices might be which explains the lower price. Also, 50.50 in today's dollars is 54.78 which is what we should use. For comparison, index nominal all time high is 4818 which is 5275 in today's dollars. Makes current price of 4300 look a lot cheaper, doesn't it?

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charlie: BIP .. If not now...when?

You posted above on 10/26. The low on that day was 22.03. Today, 5 trading days later, it closed 23% higher at 27.19. You have excellent instincts which I hope you acted on and bought that day!

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11/1/23: the 100% certain is 100% certain ... followers crumble with praise and admiration.

The board appears to have stumbled on a new bottom detector - peak sarcasm <-:) Similar to yesterday, awesome rocket ship gains today as well (11/2/23).

BN	+5.21%
BAM	+5.54%
BPYPP	+5.13%
BIP	+8.37%
BEP	+8.35%
BBU	+2.99%

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