Ric has been with Brookfield and its predecessors since 1984 in roles of increasing seniority and responsibility. Since 2002, he has been the chief executive officer of Brookfield Office Properties. In 2009, he assumed the additional role of senior managing partner and CEO of global real estate holdings for Brookfield Asset Management, the principal shareholder of Brookfield Office Properties.
In these roles, Ric is a key player in the global commercial property landscape, heading one of the world’s leading real estate operating companies and driving many strategic acquisitions. Ric spearheaded the repositioning of Brookfield Office Properties into a pure-play global property company with the acquisition of 18 Class A office properties in Australia in 2010 and the divestiture of the company’s residential land development division in 2011.
Ric also co-heads a $5-billion real estate turnaround consortium tasked with investing in equity and debt in under-valued real estate companies or real estate portfolios. In 2009, Ric led an oversubscribed $1-billion equity raise for Brookfield.
Under Ric’s leadership, Brookfield Office Properties added more than 35 million square feet with the 2006 purchase of Trizec Properties and the 2005 acquisition of O&Y Properties/O&Y REIT. Ric reconstituted Brookfield’s development division to execute ground-up and redevelopment projects in major markets. This division has successfully completed projects totaling 4 million square feet, and has a future development pipeline of 16 million square feet.
With Ric at the helm, Brookfield Office Properties has demonstrated growing financial strength, consistently reporting revenue growth and high occupancy rates throughout the company’s premier portfolio of office properties. Brookfield Office Properties’ gross market value has increased from $8 billion to $16 billion since Ric’s appointment as CEO.
Ric is a member of the board of directors of Brookfield Office Properties and General Growth Properties. He serves on the Executive Committee of the National Association of Real Estate Investment Trusts. He is a long-time board member of the Mental Health Association of New York City. Ric holds a Bachelor of Science degree in business from Indiana University of Pennsylvania.
Inducted Spring 2012