The Forest City portfolio comprises some 6.3 million square feet of office space, 2.3 million square feet of life-science assets, 2.2 million square feet of retail space and 18,500 multifamily units, as well as five large-scale development projects in the New York City metro area, San Francisco and Washington, D.C.

“Forest City has created a high-quality portfolio of operating and development assets over its 100-year history," said Brookfield Property Group CEO Brian Kingston. "We look forward to creating further value in these great assets on behalf of our limited partners.”

David LaRue, president and CEO of Forest City, said in a press release: “Thanks to the skill and dedication of our associates, Forest City has made significant progress in our transformation over the last several years. We are pleased that Brookfield recognizes the success of our ongoing efforts to strengthen the business, the attractiveness of our office, apartment and mixed-use portfolio, the skill and dedication of our associates, and the significant opportunities to drive future growth embedded in our more than 18 million square feet of entitlements.”

Brookfield has been a leading consolidator in the industry, as seen in its recent deal to acquire GGP, the second-largest owner of U.S. malls.