Brookfield Partners with Convene to Revolutionize Downtown LA Office Portfolio
LOS ANGELES: Brookfield Property Partners, a top global investor, owner, and operator of premiere real estate, and a leader in developing and repositioning commercial assets into top “place making” destinations in major urban markets, today announced a strategic partnership and regional development project with Convene, a rapidly-growing “workplace-as-a-service” platform. Convene will help Brookfield elevate and amplify the service and hospitality offerings in their 8.6 million square foot Class A office portfolio in the burgeoning Downtown Los Angeles market. This move marks Convene’s much-anticipated entrance into the west coast market.
With a next-generation hospitality approach, Convene will design and manage flexible term workspace and on-demand meeting and event spaces in a campus of Brookfield’s properties downtown, beginning with the Wells Fargo North Tower in the Wells Fargo Center at 333 South Grand Avenue, home to leading companies such as Wells Fargo, Gibson Dunn & Crutcher, Oaktree Capital, Latham & Watkins, and Doubleline Capital. Brookfield plans to expand Convene’s services to several of its other office buildings in the Downtown Los Angeles portfolio, including 20,000 square feet at another downtown office to be later named, and eventually to other major urban markets where Brookfield operates, to give Brookfield tenants an elevated workplace experience through Convene’s services and hospitality offerings.
The partnership between Brookfield and Convene will pioneer the age of “workplace-making”—a new level of property-based tenant services and dynamic spaces to support the evolving needs of the commercial office industry. In addition to Convene’s suite of flexible workspace and on-demand meeting and event spaces, the company will also provide locally-sourced food and beverage services, meeting planning and production support, and curated in-building programming for tenants, to foster community and cross-pollination among building tenants and the Downtown business community.
“Brookfield’s ‘place making’ approach focuses on creating vibrant destinations that help the world’s leading companies attract, retain and motivate top talent and maximize productivity,” said Bert Dezzutti, Western Division Executive Vice President at Brookfield Property Partners. “Our partnership with Convene will facilitate the successful rollout of the company’s unique hospitality services within our Downtown Los Angeles office portfolio, greatly enhancing the flexibility and sense of community we offer to our tenants, and ultimately pioneering the future of interconnected office communities.”
“The workplace of the future is about choice, flexibility, and experience,” said Ryan Simonetti, Co-Founder and CEO of Convene. “Today’s top talent requires office environments that motivate and inspire them. By partnering with Brookfield, we can bring a best-in-class tenant experience powered by hospitality, technology, and amenities to Brookfield’s campus of commercial office properties in this growing market. We are thrilled to be part of the ongoing renaissance of Downtown Los Angeles and the area’s growing residential and professional community.”
The Convene and Brookfield campus is perfectly positioned to serve fast-growing companies across a variety of industries such as technology, financial services, law, and entertainment that want to attract, retain, and engage top talent in the fastest-growing commercial, retail, and residential neighborhood in Los Angeles. Convene’s facilities within Brookfield’s Downtown Los Angeles office portfolio will also reduce the need for additional occupier square footage to entertain important clients or host meetings and trainings.
An investor in Convene, Brookfield anchored the expanding company’s Series B and Series C fundraising in 2016 and 2017, respectively.
Convene changes the way the world works by transforming the way businesses work. By partnering with the largest landlords in commercial real estate, Convene designs and services the next generation office building – one that feels more like a full-service, lifestyle hotel. Convene’s integrated “workplace-as-a-service” platform gives building tenants and enterprise clients access to a growing network of premium meeting and event spaces, flexible workspaces, hospitality services, and curated experiences for users, all connected by Convene’s proprietary technology platform. Founded in 2009, Convene has locations in New York City, Boston, Philadelphia, and Washington, D.C., with plans to expand globally. The company has been named one of America’s 100 Most Promising Companies by Forbes, one of America’s fastest growing companies by Inc. Magazine, and the #11 Best Workplace in New York by Fortune Magazine.
Brookfield Property Partners is one of the world’s largest commercial real estate companies, with approximately $65 billion in total assets. We are leading owners, operators and investors in commercial property assets, with a diversified portfolio that includes 142 premier office properties and 127 best-in-class retail malls around the world. We also hold interests in multifamily, triple net lease, industrial, hospitality, self-storage and student housing assets. Brookfield Property Partners is listed on the New York and Toronto stock exchanges. Further information is available at http://bpy.brookfield.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.
Brookfield Property Partners is the flagship listed real estate company of Brookfield Asset Management, a leading global alternative asset manager with approximately $250 billion in assets under management.