Well, it’s not a real birthday, but it was one year ago this week that Brookfield Properties (and Blackstone) bought the $7.2 billion national Trizec portfolio. Brookfield became a much bigger deal in DC at that time, picking up 4.3M SF for a total of 6.5M—with an additional 800k SF under development in three new properties. (Nationally, Brookfield has 75M SF.) Under regional head Paul Schulman, the growing office (80 from Trizec, including Paul; 20 from Brookfield; and another 25 recruited since then) is looking to move to bigger digs in one of its other DC office buildings by spring.
Other than Brookfield’s, birthdays are an uncomfortable subject for Paul since his Big 4-0 is around the corner. Misery loves company though, and his wife’s is just six days apart. Consolation: we think that’s really young.
What’s in development at Brookfield?
• 1225 Connecticut (what we aficionados call the old Ernst & Young building), where a 240k SF renovation started in early July after E&Y moved to 1101 New York Avenue; at the end of ‘08 they will deliver trophy-quality space.
• 77 K St, NE, in Capitol Hill North/NoMa, 326k SF which it’s developing with ING. Broke ground in November '06, will deliver in July ’08 with plenty of views of the Capitol. Target tenant? Government, association, non-profit.
• Two Reston Crescent: The 185,000 SF property at Sunrise Valley and Reston Parkway, on 36 acres they own near Sprint Nextel headquarters, delivers in February ’08. Paul says activity is picking up in discussions with government contractors, corporate, and telecom prospects.
• Waterview: The office component was sold to Paramount, but Brookfield is partnering with JBG and CIM on the residential side that will include 133 condo units and Kimpton’s 154 room Palomar Hotel. Grand opening is slated for early '08.
Since Paul’s a U of MD grad originally from Long Island, it makes sense that he’s a die hard Terps and Yankees fan, although he says “I’ll watch any sports that come on TV.” (He went to school at Maryland partly due to the excitement of the Lefty Driesell/Bobby Ross era.) Here he shows us his personal chair from the Montreal Forum, which Brookfield’s predecessor built in the 20s. They owned the Montreal Canadiens until the late 1970’s – but enjoyed numerous Stanley Cup victories along the way. Paul’s sports bent is evident even in his philanthropy: He‘s on the board of the DC Special Olympics. Brookfield sponsors the DC Summer Games in which over 80% of its local employees volunteer.
As for existing assets, Brookfield’s portfolio includes the Pepco building at 701 9th, 1625 Eye Street where O'Melveny resides, FBR’s Potomac Tower in Rosslyn, One Bethesda Center on Hampden Lane, and the TSA buildings across from the Pentagon; and former Trizec assets such as the Victor Building and 1200 K. Paul points out that he’s really been with just one employer all these years: He started with JBG, then went to Trizec when it picked up a number of JBG properties in ‘98, then with Brookfield when it acquired Trizec last year. He acknowledges the pattern of 7-8 year corporate makeovers, but says, “I hope that trend’s ending.”
Here’s the coolest picture of all: Paul’s youngest of three daughters, 4 year-old Amanda, at his sister’s wedding this summer. A budding real estate titan, she’s on Paul’s Blackberry. Just in case you’re wondering why you’ve gotten funny messages from Paul lately. Or maybe they’ve been smarter than usual.