Canada’s Brookfield Asset Management BAM-T 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.”
Brookfield offered no comment.
The decision was first reported by Bloomberg News.