Brookfield Office Properties Inc. announced a series of changes and promotions to its executive management team which will become effective on July 1, 2012:
- Ric Clark will become chairman of the board of the corporation;
- Dennis Friedrich will become chief executive officer of Brookfield Office Properties;
- Tom Farley will become sole president of Brookfield Office Properties and continue in his role as global chief operating officer, overseeing asset management, leasing, and property operating initiatives;
- Mark Brown will assume Friedrich’s role as global chief investment officer of Brookfield Office Properties, responsible for global growth strategy and overseeing acquisition and financing activities throughout the company’s operating and target markets.
“One of the aspects of Brookfield of which we are most proud is the focus on the development of outstanding individuals to provide the leadership necessary to continue to grow the organization as opportunities arise,” said Clark. “I am pleased to be passing the CEO mantle to Dennis Friedrich who, given his past contributions and successes at Brookfield Office Properties, is certain to do an outstanding job. We congratulate Dennis, Tom, and Mark and all others who may see their roles expand as a result of these changes.”
These changes are consistent with the recent announcement by Brookfield Asset Management of its intention to publicly list its real estate business as Brookfield Property Partners Inc. Ric Clark will become chief executive officer of this entity, relinquishing his role as chief executive officer of Brookfield Office Properties on July 1, 2012. Brookfield Property Partners will hold Brookfield Asset Management’s interest in Brookfield Office Properties, among other investments.