(Updates with comment from CEO in third paragraph, CB Richard Ellis comment in seventh paragraph.)
June 6 (Bloomberg) -- Brookfield Office Properties Inc. hired Mitchell Rudin, a top executive at CB Richard Ellis Group Inc. in New York, to oversee its U.S. commercial holdings as part of a management shuffle tied to the company’s expansion.
Brookfield also named Dennis Friedrich, who held Rudin’s new post, global chief investment officer, and Tom Farley global chief operating officer, the New York-based company said in a statement today. Chief Executive Officer Richard “Ric” Clark relinquished the title of Brookfield Office president and the chairmanship of the company’s Canadian subsidiary.
The management changes are “in recognition of the company’s global expansion and of outstanding work,” Clark said in the statement.
Brookfield, which owns office towers in the U.S. and Canada, last year diversified by buying 19 Australian properties, mainly office towers in Sydney, Melbourne and Perth. The company merged its residential operation with a unit of its parent, Toronto-based Brookfield Asset Management Inc., to make itself a “pure-play” global office company.
New York Region
Rudin worked with Los Angeles-based CB Richard Ellis and its predecessor companies for more than 20 years, serving the last seven as president of its New York tri-state regional office, Brookfield said in the statement. He will start at Brookfield at the end of the month.
The internal promotions are effective immediately, the company said.
Brookfield offered “a rare and exciting opportunity,” Rudin said in a statement issued by Los Angeles-based CB Richard Ellis. “The time was right to take on new responsibilities and challenges,”
Mary Ann Tighe, chief executive officer of CB Richard Ellis’s New York tri-state region, called Rudin “one of the most ethical and nicest guys in the industry.”
The brokerage named Matt Van Buren, an executive managing director, its interim tri-state region leader. Cherrie Nanninga, chief operating officer, will take on increased responsibilities while the company seeks a permanent successor to Rudin, according to its statement. CB Richard Ellis is the world’s largest commercial real estate services firm.
Brookfield fell 13 cents to $19.12 at 12:22 p.m. in New York Stock Exchange composite trading. The shares have gained 40 percent in the last 12 months.
--Editors: Christine Maurus, Kara Wetzel
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