Reema H. Kundnani Leaves Brookfield Properties After Four-Year Tenure

Reema H. Kundnani has left her role as Executive Vice President at Brookfield Properties after a four-year tenure. Kundnani, who had 26 years of experience in real estate and technology, strengthened Brookfield's India business and played a key role in marketing and client engagement. She plans to write a book, launch a podcast, and mentor startups in the future.

Brookfield Properties is facing foreclosure on a 675,000-square-foot office tower at 115 Myrtle Ave. in Brooklyn, following a default on a $132.7 million debt [1]. The special servicer, Rialto Capital Management, has filed a pre-foreclosure action in the New York Supreme Court to seize the property. The asset, part of the Brooklyn Commons multi-building office campus, was acquired by Brookfield in 2018 from Forest City Realty Trust.

The loan's maturity date was September 1, 2023, and at least $132.7 million is now due. The CMBS loan dates back to Forest City's ownership and has been on the servicer's watch list since July 2023 [1]. The delinquency rate for office CMBS loans has been rising, with 11% of such loans delinquent at the end of July, according to Trepp [1].

Meanwhile, 360 ONE Asset, a subsidiary of 360 ONE WAM, has acquired a 50% stake in the Bluegrass Business Park in Pune from Brookfield Asset Management's private real estate fund. The acquisition, valued at approximately INR 2,400 crores ($280 million), is a significant addition to 360 ONE Asset's institutional real estate portfolio [2, 3]. The 2 million square feet office development in Kalyani Nagar, Pune, comprises a one-million-square-foot operational tower leased to Mastercard and an under-construction office tower with street retail [2, 3].

The transaction reflects 360 ONE Asset's strategy of investing in high-quality, future-ready real estate assets across core urban markets and underscores investor confidence in the India office sector [2, 3]. Brookfield will continue to oversee the management, development, and leasing of the asset.

References:
[1] https://www.commercialsearch.com/news/brookfield-tower-could-enter-foreclosure-over-133m-loan/
[2] https://www.hubbis.com/news/360-one-asset-acquires-50-stake-in-brookfield-owned-grade-a-mixed-use-development-in-pune
[3] https://www.outlookbusiness.com/corporate/360-one-asset-picks-50-stake-in-business-park-from-brookfield-at-2400-cr-enterprise-value