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Brookfield fires real estate brokerage Cushman from handling its US listings

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299 Queen Street West and the golden era of MuchMusic | SaltWireTORONTO - Canada's Brookfield Asset Management has fired Cushman & Wakefield from handling its office and logistics listings in the United States, a spokesperson for the real estate brokerage firm confirmed on Thursday.

The move comes in the middle of a cost-saving initiative for Cushman, which has been reducing headcount and exploring property lease rationalizations in an effort to save around $130 million this year. Cushman had earlier backed away from a deal to shift some of its office space to Brookfield's redeveloped Manhattan skyscraper at 660 Fifth Avenue from 1290 Avenue of the Americas, a source familiar with the matter told Reuters.

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

 

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