Brookfield Property Partners
Brookfield Property Partners is a Bermuda-based real estate partnership focused on office, retail and other commercial property investments.
Last updated October 14, 2026
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Overview
Brookfield Property Partners L.P. is a Bermuda-based real estate limited partnership associated with Brookfield Corporation. Its principal activities have centered on owning, operating, developing and investing in commercial real estate, particularly office buildings and shopping centers in major metropolitan markets. The partnership has also held minority limited-partner interests in investment funds sponsored by Brookfield affiliates, giving it exposure to additional property sectors without directly owning every underlying asset. The entity was formed in January 2013 as part of Brookfield Corporation's restructuring of its property operations. Brookfield Corporation completed a corporate spin-off in April 2013, after which Brookfield Property Partners shares traded on the Toronto and New York stock exchanges. The transaction created a publicly traded real estate vehicle while retaining close economic and managerial links with the Brookfield group. The partnership subsequently expanded its portfolio through acquisitions, joint ventures and development projects across North America, Europe, Latin America, Asia and the Middle East. A major early transaction was the June 2014 acquisition of Brookfield Office Properties through a tender offer. This substantially increased the partnership's office portfolio and brought prominent assets into its platform. In 2015, the business expanded its international presence through investments in Canary Wharf Group in London, office properties in Brazil and India, and the Potsdamer Platz complex in Berlin. It also participated in the development of Manhattan West in New York and Brookfield Place projects in several markets. In Dubai, it partnered with the Investment Corporation of Dubai to develop ICD Brookfield Place in the Dubai International Financial Centre. In South Korea, it acquired the International Finance Center Seoul, a mixed-use complex comprising offices, retail space and a hotel. Retail became another important part of the portfolio. The partnership acquired an initial interest in GGP Inc. in 2016 and bought the remaining shares in August 2018. GGP operated a large portfolio of U.S. shopping malls and retail centers, making the transaction one of Brookfield Property Partners' most significant expansions in the retail sector. The partnership also participated in the acquisition of JCPenney's retail operating business with Simon Property Group in 2020. During the COVID-19 pandemic, the retail group reduced its workforce by approximately 20 percent, or about 300 employees, reflecting the pressure placed on shopping centers and retail tenants. Beyond directly owned office and retail assets, Brookfield Property Partners has held interests in Brookfield Strategic Real Estate Partners funds and other affiliate-sponsored vehicles. These investments have provided exposure to multifamily housing, industrial property, hospitality, self-storage, student housing, manufactured housing and automotive dealerships. Some of these activities were undertaken by Brookfield Corporation affiliates rather than directly by the partnership, so they should not all be treated as wholly owned Brookfield Property Partners operating divisions. In July 2021, Brookfield Corporation acquired the publicly held interests in Brookfield Property Partners and returned the partnership to wholly owned subsidiary status. The transaction was intended to simplify Brookfield's corporate structure and accounting. After that change, the partnership continued as part of Brookfield's broader real estate organization rather than as a separately listed common-equity company. As of September 30, 2024, the partnership was described as owning approximately 72 million leasable square feet across 125 office buildings and approximately 106 million square feet of retail property across 103 U.S. properties. In 2023, roughly 65 percent of its revenue came from the United States, with the balance generated across Canada, Australia, the United Kingdom, Europe, Brazil and Asia.
History
Brookfield Property Partners was established in January 2013 as part of Brookfield Corporation's reorganization of its real estate interests. In April 2013, Brookfield Corporation completed a corporate spin-off that created the publicly traded partnership. Its shares were listed on the Toronto and New York stock exchanges, although the entity retained strong ownership and operating ties to the Brookfield group. The partnership expanded its office platform through the June 2014 acquisition of Brookfield Office Properties. During the same period, it attracted strategic capital, including a $1.8 billion preferred-equity investment from the Qatar Investment Authority in December 2014. Management changes in November 2015 placed Ric Clark in the chairman role and Brian Kingston in the chief executive role. Brookfield Property Partners pursued a broad international acquisition and development program during the middle of the 2010s. It bought a 22 percent interest in China Xintiandi in Shanghai in 2013, acquired Indian office parks in 2014, and opened a renovated Brookfield Place retail component in New York in 2015. In partnership with the Qatar Investment Authority, it acquired Songbird Estates, the owner of a controlling interest in Canary Wharf Group, in April 2015. It also developed Manhattan West in New York, acquired office buildings in São Paulo and Rio de Janeiro, purchased Potsdamer Platz in Berlin with Korea Investment Corporation, and began construction of ICD Brookfield Place in Dubai with the Investment Corporation of Dubai. The acquisition of International Finance Center Seoul in 2016 broadened its Asian office and mixed-use exposure. Retail became increasingly important. Brookfield acquired an initial interest in GGP in 2016 and completed the acquisition of the remaining shares in August 2018. GGP brought a substantial U.S. shopping-center portfolio into the Brookfield platform. The partnership also pursued selective urban retail repositioning, including properties on Bleecker Street in Manhattan, where the stated plans included support for emerging retailers, cultural programming and art installations. Brookfield's wider real estate ecosystem also included affiliate-sponsored investments in industrial, multifamily, hospitality, self-storage, student housing, manufactured housing and automotive dealerships. These holdings were not uniformly direct assets of Brookfield Property Partners; many were owned through funds sponsored by Brookfield Corporation or related entities. The partnership itself held limited-partner interests in several Brookfield Strategic Real Estate Partners funds and other affiliated vehicles. The COVID-19 pandemic placed pressure on retail operations and tenants. In September 2020, Brookfield Property Partners and Simon Property Group acquired the retail business of JCPenney. That month, the partnership's retail group reportedly reduced staff by approximately 20 percent, equivalent to about 300 employees. In July 2021, Brookfield Corporation acquired Brookfield Property Partners and restored it to wholly owned subsidiary status. The transaction was presented as a way to reduce structural complexity and simplify accounting. The partnership subsequently remained part of Brookfield's private real estate organization, with preferred stock continuing to be publicly traded according to the referenced account. By September 30, 2024, its reported office holdings totaled approximately 72 million leasable square feet across 125 buildings, while its U.S. retail holdings totaled approximately 106 million square feet across 103 properties.
- 2021
Returned to wholly owned subsidiary status
[1]Brookfield Corporation acquired the publicly held interests in the partnership.
- 2020
JCPenney retail business acquired
[1]Brookfield and Simon Property Group acquired JCPenney's retail operating business.
- 2018
GGP fully acquired
[1]Brookfield acquired the GGP interests it did not already own, adding a large U.S. shopping-center portfolio.
- 2016
International Finance Center Seoul acquired
[1]The partnership expanded into South Korea through the acquisition of the Seoul mixed-use complex.
- 2015
Canary Wharf investment completed
[1]Brookfield and the Qatar Investment Authority acquired Songbird Estates, which owned a controlling interest in Canary Wharf Group.
- 2014
Brookfield Office Properties acquired
[1]The partnership expanded its office platform through a tender offer for Brookfield Office Properties.
- 2013
Partnership formed
[1]Brookfield Property Partners was formed in January as a Brookfield real estate partnership.
- 2013
Corporate spin-off completed
[1]Brookfield Corporation completed the spin-off in April, and the partnership's shares began trading in Toronto and New York.
Products and positioning
A global institutional real estate owner and investment platform emphasizing large-scale office, retail and mixed-use properties in major urban markets, with additional exposure through Brookfield-sponsored real estate funds and joint ventures.
Commercial real estate
Office properties
Office buildings and office portfolios form one of the partnership's core investment categories. Notable holdings and developments have included Brookfield Place in New York, Bank of America Plaza in Los Angeles, One Manhattan West, Canary Wharf-related assets, Potsdamer Platz and International Finance Center Seoul. As of September 30, 2024, the partnership reported approximately 72 million leasable square feet across 125 office buildings.
Retail real estate
Retail properties
The retail platform includes shopping malls, shopping centers and urban retail properties, especially in the United States. The acquisition of GGP materially expanded this business, while projects such as Brookfield Place New York and the Bleecker Street portfolio illustrate the partnership's emphasis on redevelopment, tenant curation and mixed-use urban destinations. As of September 30, 2024, reported U.S. retail holdings covered approximately 106 million square feet across 103 properties.
Real estate investment
Brookfield-sponsored real estate fund interests
Brookfield Property Partners has held limited-partner interests in affiliate-sponsored funds, including the Brookfield Strategic Real Estate Partners series. These vehicles provide exposure to property sectors beyond the partnership's principal office and retail holdings, including multifamily, hospitality, industrial, student housing, manufactured housing and other commercial real estate.
Brand decisions
2021
Simplify the corporate structureStrategyBackground
Brookfield Corporation sought to reduce complexity in the partnership's ownership and accounting structure.
Action taken
Brookfield Corporation acquired Brookfield Property Partners and made it a wholly owned subsidiary again.
Aftermath
Brookfield Property Partners ceased to operate as a separately listed common-equity company, although publicly traded preferred stock was described as remaining outstanding.
2018
Complete the acquisition of GGPM&ABackground
Brookfield already held an interest in GGP and sought full ownership of the retail property company.
Action taken
Brookfield acquired the GGP interests it did not already own in August.
Aftermath
The transaction expanded Brookfield's U.S. shopping-center and mall portfolio.
2013
Create a separately traded property partnershipStrategyBackground
Brookfield Corporation reorganized its property operations through the formation and spin-off of Brookfield Property Partners.
Action taken
The partnership was formed in January and spun off in April, with shares listed in Toronto and New York.
Aftermath
The structure provided a publicly traded real estate vehicle while preserving Brookfield Corporation's controlling relationship.
Recent events
Reported
Simon Property Group and Brookfield offered J.C. Penney rescue funding[2]
Simon Property Group and Brookfield Property Partners were reported to be close to completing negotiations to provide $800 million in support to bankrupt retailer J.C. Penney, including cash and debt assumption. J.C. Penney planned to seek bankruptcy court approval for the agreement the following month.
Reported
Simon-Brookfield joint venture to acquire JCPenney assets[3]
Lawyers for JCPenney said in bankruptcy court that its retail and operating assets are set to be acquired by a joint venture between Simon Property Group and Brookfield Property Partners. The transaction still requires bankruptcy-court approval, and competing bids may be evaluated.
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