Brookfield Properties is renaming retail division to GGP

GGP is back!!!

Brookfield Properties has renamed its retail division to GGP, the name of the quality mall company it acquired in 2018. At the time of the acquisition, GGP owned 122M sq. ft. of U.S. retail, putting it behind only to Simon Property Group. The division now has 101 U.S. retail properties.

The Brookfield retail division, renamed after General Growth Properties, which when public its shares traded on NYSE under the ticker GGP, will continue to be based in Chicago.

General Growth Properties was founded in 1954 by brothers Martin, Matthew and Maurice Bucksbaum in Cedar Rapids, Iowa. The company moved its headquarters to Des Moines, Iowa in 1964. In 1995, co-founder and CEO Martin died and Matthew became the sole CEO, who then moved the headquarters to Chicago in 1997.

In 1999, Mathew's son, john bucksbaum succeeded his father as CEO. Both Matthew and John served as chairmen of ICSC, the trade association of the retail real estate industry.

Read more: Brookfield's retail division has a new name — its old one (Crain’s Chicago Business)