Brookfield fires real estate brokerage Cushman from handling its US listings

Cushman & Wakefield

02/11/2023 17:40

TORONTO, Nov 2 (Reuters) - Canada's Brookfield Asset
Management  BAM.TO  has fired Cushman & Wakefield  CWK.N  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."
    Brookfield offered no comment.
    The decision was first reported by Bloomberg News. 
    

 (Reporting by Maiya Keidan in Toronto; Additional reporting by
Niket Nishant; Editing by Shweta Agarwal)
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Messaging: maiya.keidan.thomsonreuters.com@reuters.net))