Firm unveils plan for new ‘state-of-the-art’ office on Front Street
Plans were unveiled yesterday to build a new state-of-the-art commercial building in Hamilton as part of a project expected to create more than 100 jobs.
The building at 91 Front Street will house the global headquarters for Brookfield Reinsurance and each of the company’s Bermudian-domiciled listed affiliates Brookfield Property Partners, Brookfield Infrastructure Partners, Brookfield Renewable Partners and Brookfield Business Partners.
The ground floor will also provide space for retail outlets.
“This development is a reflection of our commitment to Bermuda – one of the most sophisticated financial and business markets globally, with access to top talent,” said Brian Kingston, chief executive of Brookfield's Real Estate business.
“We see numerous opportunities for growth in the coming years and Brookfield Place Bermuda will provide the City of Hamilton with a world class mixed-use precinct consistent with those we own in other global cities, including Toronto, New York, London, Dubai and Sydney.”
David Burt said: “The theme of the Government’s 2023-24 Budget Statement was continued economic growth and few things signify economic growth better than new construction projects and the creation of new jobs for Bermudians.”
The Premier added: “Not only will Bermuda see both of those things achieved here, but also further evidence that our economy and our country are on the right path with the reaffirmed commitment of a global company like Brookfield which will now enhance its operations on our shores.
“This is a clear indication that they see the opportunities for growth that Bermuda offers, as well as the array of talent in our local workforce and the regulatory excellence for which we are renowned.
“The Government looks forward to seeing this development take shape in the coming years and the over one hundred jobs it will create that will benefit Bermudian workers and our local economy.
“We also look forward to continuing to work alongside Brookfield and the international business community to create more opportunities for Bermudians and keep us on the path to continued economic growth.”
The Brookfield Corporation is focused on deploying its capital on a value basis and compounding it over the long term. This capital is allocated across its three core pillars of asset management, insurance solutions and its operating businesses.
It says that by employing a disciplined investment approach, it leverages its deep expertise as an owner and operator of real assets, as well as the scale and flexibility of our capital, to create value and deliver strong risk-adjusted returns across market cycles.
According to its statement, with significant capital underpinned by a conservatively capitalised balance sheet, Brookfield Corporation is well positioned to pursue significant opportunities for growth.
Brookfield Reinsurance was established in Bermuda in 2021 and employs over 50 people locally. The business is diversified across life, annuities and P&C and recently announced plans to acquire Bermuda-based Argo Group International Holdings, Ltd. For $1.1 billion.
A statement from Brookfield said the project will be one of the first “ground-up” office projects developed in Hamilton in the last decade.
The statement said the design aimed to incorporate “highly advanced building performance specifications and sustainability features” that achieve certifications in Leadership in Energy and Environmental Design, and building wellness.
The new building and its ground-level improvements along Front Street and Chancery Lane are expected to spur further revitalisation in the area, said the statement.
It was not clear from the statement which buildings, or how many, would be affected by the plans or what the size of the new building will be.
A Brookfield spokeswoman said: “We will be demolishing all of the existing building, but we have no further details to share at this time.”
Brookfield has hired local architectural firm Botelho Wood. Construction is expected to begin in 2024 be completed by the end of 2025.
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