California + Bay Area + Office | May 1, 2023

Brookfield CEO Steers Clear of San Francisco Office Development

Bruce Flatt, the CEO of Brookfield Asset Management, says the company would not develop a new office building in San Francisco at the moment given market conditions, the San Francisco Business Times reported.

“San Francisco’s tougher — there’s a lot of excess space and you wouldn’t do it today, but eventually yes,” Flatt said in an interview Monday on CNBC’s Squawk on the Street. “San Francisco is going to come back. It’ll be a great city in the long term. We don’t have a big exposure to San Francisco, but longer term it will come back.”

The company owns a number of office buildings in San Francisco, including One Post Street, 685 Market St. and the 5M office building at 415 Natoma St., which was delivered early last year. It also owns Stonestown Galleria, where it is seeking approval for a massive redevelopment.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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