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    <link:label id="lab_clns_DebtInstrumentVariableRateBasisFloor_0259D29389D83058A4449885FEE3E471_documentation_en-US" xlink:label="lab_clns_DebtInstrumentVariableRateBasisFloor_54F2E84DD2EF590D99A09478D1855924" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The floor for the variable rate base of the debt instrument.</link:label>
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    <link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_4C3E65F85FCC5F39D9239885FEE36088_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_FA381A49884052B59F537CC0324588F7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basis spread on variable rate</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_4C3E65F85FCC5F39D9239885FEE36088_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_FA381A49884052B59F537CC0324588F7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Basis Spread on Variable Rate</link:label>
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    <link:label id="lab_clns_AdditionalAnnualBaseManagementFeeMinimum_2346B780E9B854D4DFB06E70784EC6E8_terseLabel_en-US" xlink:label="lab_clns_AdditionalAnnualBaseManagementFeeMinimum_2346B780E9B854D4DFB06E70784EC6E8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additional annual base management fee</link:label>
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    <link:label id="lab_clns_AdditionalAnnualBaseManagementFeeMinimum_2346B780E9B854D4DFB06E70784EC6E8_documentation_en-US" xlink:label="lab_clns_AdditionalAnnualBaseManagementFeeMinimum_2346B780E9B854D4DFB06E70784EC6E8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Additional Annual Base Management Fee, Minimum</link:label>
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    <link:label id="lab_clns_NorthStarIncomeMember_4DD877923AC65B3313A96E47238B14EB_verboseLabel_en-US" xlink:label="lab_clns_NorthStarIncomeMember_4DD877923AC65B3313A96E47238B14EB" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">NorthStar Income</link:label>
    <link:label id="lab_clns_NorthStarIncomeMember_4DD877923AC65B3313A96E47238B14EB_label_en-US" xlink:label="lab_clns_NorthStarIncomeMember_4DD877923AC65B3313A96E47238B14EB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">NorthStar Income [Member]</link:label>
    <link:label id="lab_clns_NorthStarIncomeMember_4DD877923AC65B3313A96E47238B14EB_documentation_en-US" xlink:label="lab_clns_NorthStarIncomeMember_4DD877923AC65B3313A96E47238B14EB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to NorthStar Income, a related party of the entity.</link:label>
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    <link:label id="lab_clns_NorthstarHealthcareIncomeIncMember_85F68743913417BA73776E47238B9D9C_verboseLabel_en-US" xlink:label="lab_clns_NorthstarHealthcareIncomeIncMember_85F68743913417BA73776E47238B9D9C" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">NorthStar Healthcare</link:label>
    <link:label id="lab_clns_NorthstarHealthcareIncomeIncMember_85F68743913417BA73776E47238B9D9C_label_en-US" xlink:label="lab_clns_NorthstarHealthcareIncomeIncMember_85F68743913417BA73776E47238B9D9C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Northstar Healthcare Income Inc [Member]</link:label>
    <link:label id="lab_clns_NorthstarHealthcareIncomeIncMember_85F68743913417BA73776E47238B9D9C_documentation_en-US" xlink:label="lab_clns_NorthstarHealthcareIncomeIncMember_85F68743913417BA73776E47238B9D9C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to NorthStar Healthcare Income, Inc. (NorthStar HealthCare).</link:label>
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    <link:label id="lab_clns_NorthstarIncomeIIMember_EC05E766BF258E62DA206E47238B104F_verboseLabel_en-US" xlink:label="lab_clns_NorthstarIncomeIIMember_EC05E766BF258E62DA206E47238B104F" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">NorthStar Income II</link:label>
    <link:label id="lab_clns_NorthstarIncomeIIMember_EC05E766BF258E62DA206E47238B104F_label_en-US" xlink:label="lab_clns_NorthstarIncomeIIMember_EC05E766BF258E62DA206E47238B104F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Northstar Income II [Member]</link:label>
    <link:label id="lab_clns_NorthstarIncomeIIMember_EC05E766BF258E62DA206E47238B104F_documentation_en-US" xlink:label="lab_clns_NorthstarIncomeIIMember_EC05E766BF258E62DA206E47238B104F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Northstar Income II [Member]</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_NorthstarIncomeIIMember" xlink:label="loc_clns_NorthstarIncomeIIMember_EC05E766BF258E62DA206E47238B104F" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ProceedsFromIssuanceInitialPublicOffering_AE18F0B51A55A9289E3B6E47238B4968_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceInitialPublicOffering_AE18F0B51A55A9289E3B6E47238B4968" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Offering amount</link:label>
    <link:label id="lab_us-gaap_ProceedsFromIssuanceInitialPublicOffering_AE18F0B51A55A9289E3B6E47238B4968_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceInitialPublicOffering_AE18F0B51A55A9289E3B6E47238B4968" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Issuance Initial Public Offering</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_AE18F0B51A55A9289E3B6E47238B4968" xlink:type="locator" />
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    <link:label id="lab_clns_FollowonPublicOffering_13F9AACB9123F4CBF1AB6E47238B8978_terseLabel_en-US" xlink:label="lab_clns_FollowonPublicOffering_13F9AACB9123F4CBF1AB6E47238B8978" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total capital raised</link:label>
    <link:label id="lab_clns_FollowonPublicOffering_13F9AACB9123F4CBF1AB6E47238B8978_label_en-US" xlink:label="lab_clns_FollowonPublicOffering_13F9AACB9123F4CBF1AB6E47238B8978" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Follow-on Public Offering</link:label>
    <link:label id="lab_clns_FollowonPublicOffering_13F9AACB9123F4CBF1AB6E47238B8978_documentation_en-US" xlink:label="lab_clns_FollowonPublicOffering_13F9AACB9123F4CBF1AB6E47238B8978" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Follow-on Public Offering</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_FollowonPublicOffering" xlink:label="loc_clns_FollowonPublicOffering_13F9AACB9123F4CBF1AB6E47238B8978" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_FollowonPublicOffering_13F9AACB9123F4CBF1AB6E47238B8978" xlink:to="lab_clns_FollowonPublicOffering_13F9AACB9123F4CBF1AB6E47238B8978" xlink:type="arc" />
    <link:label id="lab_us-gaap_Assets_EF5538744224FD9EBD476E47238BBE5D_netLabel_en-US" xlink:label="lab_us-gaap_Assets_EF5538744224FD9EBD476E47238BBE5D" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Total investments</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_EF5538744224FD9EBD476E47238BBE5D" xlink:type="locator" />
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    <link:label id="lab_clns_PublicOfferingNumberofFeederFunds_3F2A450CCF337C6300A86E47238B0234_terseLabel_en-US" xlink:label="lab_clns_PublicOfferingNumberofFeederFunds_3F2A450CCF337C6300A86E47238B0234" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of feeder funds</link:label>
    <link:label id="lab_clns_PublicOfferingNumberofFeederFunds_3F2A450CCF337C6300A86E47238B0234_label_en-US" xlink:label="lab_clns_PublicOfferingNumberofFeederFunds_3F2A450CCF337C6300A86E47238B0234" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Offering, Number of Feeder Funds</link:label>
    <link:label id="lab_clns_PublicOfferingNumberofFeederFunds_3F2A450CCF337C6300A86E47238B0234_documentation_en-US" xlink:label="lab_clns_PublicOfferingNumberofFeederFunds_3F2A450CCF337C6300A86E47238B0234" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Offering, Number of Feeder Funds</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_PublicOfferingNumberofFeederFunds" xlink:label="loc_clns_PublicOfferingNumberofFeederFunds_3F2A450CCF337C6300A86E47238B0234" xlink:type="locator" />
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    <link:label id="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_E8DCA838EA0E62FBB7046E47238B1EB0_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_E8DCA838EA0E62FBB7046E47238B1EB0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Issuance of performance common stock (refer to Note 9)</link:label>
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    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_94CF1117EAC2262D43DD867399FCF448_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_94CF1117EAC2262D43DD867399FCF448" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Measurements, Recurring and Nonrecurring [Table]</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis" xlink:label="loc_us-gaap_FairValueByMeasurementFrequencyAxis_2A247918A555A313D154867399FC21CF" xlink:type="locator" />
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    <link:label id="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_1383A8514BB1D5C1C80B6E7078F520BC_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_1383A8514BB1D5C1C80B6E7078F520BC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Accounts Payable and Accrued Liabilities</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_1383A8514BB1D5C1C80B6E7078F520BC" xlink:type="locator" />
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    <link:label id="lab_clns_IncreaseDecreaseinCommissionPayable_8AFF756D53D1CEB008596E7078F569E5_label_en-US" xlink:label="lab_clns_IncreaseDecreaseinCommissionPayable_8AFF756D53D1CEB008596E7078F569E5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Commission Payable</link:label>
    <link:label id="lab_clns_IncreaseDecreaseinCommissionPayable_8AFF756D53D1CEB008596E7078F569E5_documentation_en-US" xlink:label="lab_clns_IncreaseDecreaseinCommissionPayable_8AFF756D53D1CEB008596E7078F569E5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Commission Payable</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_IncreaseDecreaseinCommissionPayable" xlink:label="loc_clns_IncreaseDecreaseinCommissionPayable_8AFF756D53D1CEB008596E7078F569E5" xlink:type="locator" />
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_2A974CE22C1DBB005F376E7078F5328A_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_2A974CE22C1DBB005F376E7078F5328A" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by (used in) operating activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_2A974CE22C1DBB005F376E7078F5328A_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_2A974CE22C1DBB005F376E7078F5328A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities, Continuing Operations</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_2A974CE22C1DBB005F376E7078F5328A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_2A974CE22C1DBB005F376E7078F5328A" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_2A974CE22C1DBB005F376E7078F5328A" xlink:type="arc" />
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_42224325D6C14E3D35D66E7078F56D1B_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_42224325D6C14E3D35D66E7078F56D1B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows from investing activities:</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_42224325D6C14E3D35D66E7078F56D1B_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_42224325D6C14E3D35D66E7078F56D1B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_42224325D6C14E3D35D66E7078F56D1B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_42224325D6C14E3D35D66E7078F56D1B" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_42224325D6C14E3D35D66E7078F56D1B" xlink:type="arc" />
    <link:label id="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_B4D14489A7A6807BE7E46E7078F56E75_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_B4D14489A7A6807BE7E46E7078F56E75" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Acquisition of Townsend, net (refer to Note 1)</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_B4D14489A7A6807BE7E46E7078F56E75" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_B4D14489A7A6807BE7E46E7078F56E75" xlink:to="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_B4D14489A7A6807BE7E46E7078F56E75" xlink:type="arc" />
    <link:label id="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt_150A52147A22C1D816F86E7078F52352_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt_150A52147A22C1D816F86E7078F52352" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Investment in convertible debt</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt_150A52147A22C1D816F86E7078F52352_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt_150A52147A22C1D816F86E7078F52352" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Acquire Available-for-sale Securities, Debt</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt" xlink:label="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt_150A52147A22C1D816F86E7078F52352" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt_150A52147A22C1D816F86E7078F52352" xlink:to="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt_150A52147A22C1D816F86E7078F52352" xlink:type="arc" />
    <link:label id="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_3294460262F48705A14B6E7078F59E4D_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_3294460262F48705A14B6E7078F59E4D" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Investments in unconsolidated ventures</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_3294460262F48705A14B6E7078F59E4D_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_3294460262F48705A14B6E7078F59E4D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Acquire Interest in Subsidiaries and Affiliates</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="loc_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_3294460262F48705A14B6E7078F59E4D" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_3294460262F48705A14B6E7078F59E4D" xlink:to="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_3294460262F48705A14B6E7078F59E4D" xlink:type="arc" />
    <link:label id="lab_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_52369B9287C04C416FC16E7078F57D9D_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_52369B9287C04C416FC16E7078F57D9D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distribution from unconsolidated ventures</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" xlink:label="loc_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_52369B9287C04C416FC16E7078F57D9D" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_52369B9287C04C416FC16E7078F57D9D" xlink:to="lab_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_52369B9287C04C416FC16E7078F57D9D" xlink:type="arc" />
    <link:label id="lab_us-gaap_PaymentsToAcquireMarketableSecurities_8800ED36B44C32E1D93F6E7078F5C70A_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireMarketableSecurities_8800ED36B44C32E1D93F6E7078F5C70A" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Settlement of acquisition of securities (Refer to Note 6)</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireMarketableSecurities_8800ED36B44C32E1D93F6E7078F5C70A_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireMarketableSecurities_8800ED36B44C32E1D93F6E7078F5C70A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Acquire Marketable Securities</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireMarketableSecurities" xlink:label="loc_us-gaap_PaymentsToAcquireMarketableSecurities_8800ED36B44C32E1D93F6E7078F5C70A" xlink:type="locator" />
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    <link:label id="lab_clns_PaymentsfromSaleofEquityMethodInvestment_DB642C57DB9B54BF46566EDC4309DA59_negatedTerseLabel_en-US" xlink:label="lab_clns_PaymentsfromSaleofEquityMethodInvestment_DB642C57DB9B54BF46566EDC4309DA59" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Payment related to the sale of the Island Interest</link:label>
    <link:label id="lab_clns_PaymentsfromSaleofEquityMethodInvestment_DB642C57DB9B54BF46566EDC4309DA59_label_en-US" xlink:label="lab_clns_PaymentsfromSaleofEquityMethodInvestment_DB642C57DB9B54BF46566EDC4309DA59" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments from Sale of Equity Method Investment</link:label>
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    <link:loc xlink:href="clns-20161231.xsd#clns_PaymentsfromSaleofEquityMethodInvestment" xlink:label="loc_clns_PaymentsfromSaleofEquityMethodInvestment_DB642C57DB9B54BF46566EDC4309DA59" xlink:type="locator" />
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_21BC5AEB2CDAD54776AF6E7078F54C84_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_21BC5AEB2CDAD54776AF6E7078F54C84" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by (used in) investing activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_21BC5AEB2CDAD54776AF6E7078F54C84_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_21BC5AEB2CDAD54776AF6E7078F54C84" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities, Continuing Operations</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_21BC5AEB2CDAD54776AF6E7078F54C84" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_21BC5AEB2CDAD54776AF6E7078F54C84" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_21BC5AEB2CDAD54776AF6E7078F54C84" xlink:type="arc" />
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_88D5F0DA65A6A5A82E2A6E7078F5B71A_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_88D5F0DA65A6A5A82E2A6E7078F5B71A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows from financing activities:</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_88D5F0DA65A6A5A82E2A6E7078F5B71A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_88D5F0DA65A6A5A82E2A6E7078F5B71A" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_88D5F0DA65A6A5A82E2A6E7078F5B71A" xlink:type="arc" />
    <link:label id="lab_us-gaap_ProceedsFromContributionsFromAffiliates_CE1E86054B648EBFCF086E7078F5D568_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromContributionsFromAffiliates_CE1E86054B648EBFCF086E7078F5D568" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contribution from NorthStar Realty</link:label>
    <link:label id="lab_us-gaap_ProceedsFromContributionsFromAffiliates_CE1E86054B648EBFCF086E7078F5D568_label_en-US" xlink:label="lab_us-gaap_ProceedsFromContributionsFromAffiliates_CE1E86054B648EBFCF086E7078F5D568" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Contributions from Affiliates</link:label>
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    <link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_350D9DB2A89A934CA7086E7078F6ABC8_periodEndLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_350D9DB2A89A934CA7086E7078F6ABC8" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Cash - end of period</link:label>
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    <link:label id="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract_05A624A795469CB563476E7078F6EB64_terseLabel_en-US" xlink:label="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract_05A624A795469CB563476E7078F6EB64" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Supplemental disclosure of non-cash investing and financing activities:</link:label>
    <link:label id="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract_05A624A795469CB563476E7078F6EB64_label_en-US" xlink:label="lab_us-gaap_NoncashInvestingAndFinancingItemsAbstract_05A624A795469CB563476E7078F6EB64" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncash Investing and Financing Items [Abstract]</link:label>
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    <link:label id="lab_clns_ContributionsfromRedeemableNoncontrollingInterests_34039A8372BAE2320B886E7078F68646_documentation_en-US" xlink:label="lab_clns_ContributionsfromRedeemableNoncontrollingInterests_34039A8372BAE2320B886E7078F68646" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Contributions from Redeemable Noncontrolling Interests</link:label>
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    <link:label id="lab_clns_NotesReceivableRelatedParty_C297259DA2BDB6E1F60A6E7078F644D9_terseLabel_en-US" xlink:label="lab_clns_NotesReceivableRelatedParty_C297259DA2BDB6E1F60A6E7078F644D9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Note receivable from third party related to the sale of the Island Interest</link:label>
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    <link:label id="lab_us-gaap_LiabilitiesAssumed1_86E1C0AD5A21450905866E7078F70D95_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAssumed1_86E1C0AD5A21450905866E7078F70D95" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assumption of deferred tax liability</link:label>
    <link:label id="lab_us-gaap_LiabilitiesAssumed1_86E1C0AD5A21450905866E7078F70D95_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAssumed1_86E1C0AD5A21450905866E7078F70D95" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities Assumed</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAssumed1" xlink:label="loc_us-gaap_LiabilitiesAssumed1_86E1C0AD5A21450905866E7078F70D95" xlink:type="locator" />
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    <link:label id="lab_clns_ReclassificationRelatedtoMeasurementPeriodAdjustmentsandOther_611172DD32BA623BB5E66E7078F7A3E4_terseLabel_en-US" xlink:label="lab_clns_ReclassificationRelatedtoMeasurementPeriodAdjustmentsandOther_611172DD32BA623BB5E66E7078F7A3E4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reclassification related to measurement adjustments/other</link:label>
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    <link:label id="lab_clns_ReclassificationRelatedtoMeasurementPeriodAdjustmentsandOther_611172DD32BA623BB5E66E7078F7A3E4_documentation_en-US" xlink:label="lab_clns_ReclassificationRelatedtoMeasurementPeriodAdjustmentsandOther_611172DD32BA623BB5E66E7078F7A3E4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reclassification Related to Measurement Period Adjustments and Other</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_ReclassificationRelatedtoMeasurementPeriodAdjustmentsandOther" xlink:label="loc_clns_ReclassificationRelatedtoMeasurementPeriodAdjustmentsandOther_611172DD32BA623BB5E66E7078F7A3E4" xlink:type="locator" />
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    <link:label id="lab_clns_NoncashorPartNoncashTransactionNoncontrollingInterestReallocationofInterestinPartnership_505D26BEE5724DB8F0CA6E7078F7D7F0_terseLabel_en-US" xlink:label="lab_clns_NoncashorPartNoncashTransactionNoncontrollingInterestReallocationofInterestinPartnership_505D26BEE5724DB8F0CA6E7078F7D7F0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reallocation of non-controlling interests in the NSAM OP</link:label>
    <link:label id="lab_clns_NoncashorPartNoncashTransactionNoncontrollingInterestReallocationofInterestinPartnership_505D26BEE5724DB8F0CA6E7078F7D7F0_label_en-US" xlink:label="lab_clns_NoncashorPartNoncashTransactionNoncontrollingInterestReallocationofInterestinPartnership_505D26BEE5724DB8F0CA6E7078F7D7F0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncash or Part Noncash Transaction, Noncontrolling Interest, Reallocation of Interest in Partnership</link:label>
    <link:label id="lab_clns_NoncashorPartNoncashTransactionNoncontrollingInterestReallocationofInterestinPartnership_505D26BEE5724DB8F0CA6E7078F7D7F0_documentation_en-US" xlink:label="lab_clns_NoncashorPartNoncashTransactionNoncontrollingInterestReallocationofInterestinPartnership_505D26BEE5724DB8F0CA6E7078F7D7F0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Noncash or Part Noncash Transaction, Noncontrolling Interest, Reallocation of Interest in Partnership</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_NoncashorPartNoncashTransactionNoncontrollingInterestReallocationofInterestinPartnership" xlink:label="loc_clns_NoncashorPartNoncashTransactionNoncontrollingInterestReallocationofInterestinPartnership_505D26BEE5724DB8F0CA6E7078F7D7F0" xlink:type="locator" />
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    <link:label id="lab_clns_IncomeTaxAdjustmentRestrictedStockUnitsVestedinPeriod_2AF3A8C61295C56B8F596E7078F7E904_terseLabel_en-US" xlink:label="lab_clns_IncomeTaxAdjustmentRestrictedStockUnitsVestedinPeriod_2AF3A8C61295C56B8F596E7078F7E904" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax effect related to the vesting of equity-based awards</link:label>
    <link:label id="lab_clns_IncomeTaxAdjustmentRestrictedStockUnitsVestedinPeriod_2AF3A8C61295C56B8F596E7078F7E904_label_en-US" xlink:label="lab_clns_IncomeTaxAdjustmentRestrictedStockUnitsVestedinPeriod_2AF3A8C61295C56B8F596E7078F7E904" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax Adjustment, Restricted Stock Units, Vested in Period</link:label>
    <link:label id="lab_clns_IncomeTaxAdjustmentRestrictedStockUnitsVestedinPeriod_2AF3A8C61295C56B8F596E7078F7E904_documentation_en-US" xlink:label="lab_clns_IncomeTaxAdjustmentRestrictedStockUnitsVestedinPeriod_2AF3A8C61295C56B8F596E7078F7E904" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income Tax Adjustment, Restricted Stock Units, Vested in Period</link:label>
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    <link:label id="lab_clns_StockIssuedRelatedtoSettlement_461F962AA9FBBD41AB776E7078F73738_terseLabel_en-US" xlink:label="lab_clns_StockIssuedRelatedtoSettlement_461F962AA9FBBD41AB776E7078F73738" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Issuance of common stock related to settlement of award (refer to Note 9)</link:label>
    <link:label id="lab_clns_StockIssuedRelatedtoSettlement_461F962AA9FBBD41AB776E7078F73738_label_en-US" xlink:label="lab_clns_StockIssuedRelatedtoSettlement_461F962AA9FBBD41AB776E7078F73738" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Issued Related to Settlement</link:label>
    <link:label id="lab_clns_StockIssuedRelatedtoSettlement_461F962AA9FBBD41AB776E7078F73738_documentation_en-US" xlink:label="lab_clns_StockIssuedRelatedtoSettlement_461F962AA9FBBD41AB776E7078F73738" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Stock Issued Related to Settlement</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_StockIssuedRelatedtoSettlement" xlink:label="loc_clns_StockIssuedRelatedtoSettlement_461F962AA9FBBD41AB776E7078F73738" xlink:type="locator" />
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    <link:label id="lab_clns_NoncashorPartNoncashTransactionNoncontrollingInterestAllocationofRedeemableNoncontrollingInterest_A33E77569C89A42D064A6E7078F71D66_terseLabel_en-US" xlink:label="lab_clns_NoncashorPartNoncashTransactionNoncontrollingInterestAllocationofRedeemableNoncontrollingInterest_A33E77569C89A42D064A6E7078F71D66" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Allocation of redeemable non-controlling interests in Townsend</link:label>
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    <link:loc xlink:href="clns-20161231.xsd#clns_NoncashorPartNoncashTransactionNoncontrollingInterestAllocationofRedeemableNoncontrollingInterest" xlink:label="loc_clns_NoncashorPartNoncashTransactionNoncontrollingInterestAllocationofRedeemableNoncontrollingInterest_A33E77569C89A42D064A6E7078F71D66" xlink:type="locator" />
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    <link:label id="lab_clns_NoncashDividendsPayableCurrentandNoncurrent_21478AEBBB43C88198AD6E7078F736AE_verboseLabel_en-US" xlink:label="lab_clns_NoncashDividendsPayableCurrentandNoncurrent_21478AEBBB43C88198AD6E7078F736AE" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Dividend payable related to RSUs</link:label>
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    <link:label id="lab_clns_InvestmentsinAffiliatesUnconsolidatedJointVentures_A98E683CB30E0B9382176E7078F75E90_terseLabel_en-US" xlink:label="lab_clns_InvestmentsinAffiliatesUnconsolidatedJointVentures_A98E683CB30E0B9382176E7078F75E90" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrued transaction costs relating to investments in unconsolidated ventures</link:label>
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    <link:label id="lab_clns_NoncashorPartNoncashEquityIncentivePlan_88ADD22BD625BADC13FF6E7078F7D0F1_terseLabel_en-US" xlink:label="lab_clns_NoncashorPartNoncashEquityIncentivePlan_88ADD22BD625BADC13FF6E7078F7D0F1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity incentive plan</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract_C4E8F8AA470D63AA19066E7078F7CFC9" xlink:type="locator" />
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    <link:label id="lab_us-gaap_InterestPaid_5E6C0AB82F02412C01156E7078F722D6_label_en-US" xlink:label="lab_us-gaap_InterestPaid_5E6C0AB82F02412C01156E7078F722D6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Paid</link:label>
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    <link:loc xlink:href="clns-20161231.xsd#clns_IncentiveFeeRangeAxis" xlink:label="loc_clns_IncentiveFeeRangeAxis_5CB2B96A17A91F1131716E439CB5F13F" xlink:type="locator" />
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    <link:label id="lab_clns_IncentiveFeeRangeDomain_87E1B209C03C46A922B66E439CB58119_terseLabel_en-US" xlink:label="lab_clns_IncentiveFeeRangeDomain_87E1B209C03C46A922B66E439CB58119" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Incentive Fee Range [Domain]</link:label>
    <link:label id="lab_clns_IncentiveFeeRangeDomain_87E1B209C03C46A922B66E439CB58119_label_en-US" xlink:label="lab_clns_IncentiveFeeRangeDomain_87E1B209C03C46A922B66E439CB58119" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Incentive Fee Range [Domain]</link:label>
    <link:label id="lab_clns_IncentiveFeeRangeDomain_87E1B209C03C46A922B66E439CB58119_documentation_en-US" xlink:label="lab_clns_IncentiveFeeRangeDomain_87E1B209C03C46A922B66E439CB58119" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Domain] for Incentive Fee Range [Axis]</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_IncentiveFeeRangeDomain" xlink:label="loc_clns_IncentiveFeeRangeDomain_87E1B209C03C46A922B66E439CB58119" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_IncentiveFeeRangeDomain_87E1B209C03C46A922B66E439CB58119" xlink:to="lab_clns_IncentiveFeeRangeDomain_87E1B209C03C46A922B66E439CB58119" xlink:type="arc" />
    <link:label id="lab_clns_RangeoneMember_563C994340CC5F1462B96E439CB58421_verboseLabel_en-US" xlink:label="lab_clns_RangeoneMember_563C994340CC5F1462B96E439CB58421" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Excess of $0.68 and up to $0.78</link:label>
    <link:label id="lab_clns_RangeoneMember_563C994340CC5F1462B96E439CB58421_label_en-US" xlink:label="lab_clns_RangeoneMember_563C994340CC5F1462B96E439CB58421" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Range one [Member]</link:label>
    <link:label id="lab_clns_RangeoneMember_563C994340CC5F1462B96E439CB58421_documentation_en-US" xlink:label="lab_clns_RangeoneMember_563C994340CC5F1462B96E439CB58421" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Range one [Member]</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_RangeoneMember" xlink:label="loc_clns_RangeoneMember_563C994340CC5F1462B96E439CB58421" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_RangeoneMember_563C994340CC5F1462B96E439CB58421" xlink:to="lab_clns_RangeoneMember_563C994340CC5F1462B96E439CB58421" xlink:type="arc" />
    <link:label id="lab_clns_RangeTwoMember_83BB8BEE7E809532F5B76E439CB54A37_verboseLabel_en-US" xlink:label="lab_clns_RangeTwoMember_83BB8BEE7E809532F5B76E439CB54A37" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Excess of $0.78</link:label>
    <link:label id="lab_clns_RangeTwoMember_83BB8BEE7E809532F5B76E439CB54A37_label_en-US" xlink:label="lab_clns_RangeTwoMember_83BB8BEE7E809532F5B76E439CB54A37" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Range Two [Member]</link:label>
    <link:label id="lab_clns_RangeTwoMember_83BB8BEE7E809532F5B76E439CB54A37_documentation_en-US" xlink:label="lab_clns_RangeTwoMember_83BB8BEE7E809532F5B76E439CB54A37" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Range Two [Member]</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_RangeTwoMember" xlink:label="loc_clns_RangeTwoMember_83BB8BEE7E809532F5B76E439CB54A37" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_RangeTwoMember_83BB8BEE7E809532F5B76E439CB54A37" xlink:to="lab_clns_RangeTwoMember_83BB8BEE7E809532F5B76E439CB54A37" xlink:type="arc" />
    <link:label id="lab_clns_RangeThreeMember_4737BE105B1680D5116B6E439CB52452_terseLabel_en-US" xlink:label="lab_clns_RangeThreeMember_4737BE105B1680D5116B6E439CB52452" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Excess of $0.30 and up to $0.36</link:label>
    <link:label id="lab_clns_RangeThreeMember_4737BE105B1680D5116B6E439CB52452_label_en-US" xlink:label="lab_clns_RangeThreeMember_4737BE105B1680D5116B6E439CB52452" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Range Three [Member]</link:label>
    <link:label id="lab_clns_RangeThreeMember_4737BE105B1680D5116B6E439CB52452_documentation_en-US" xlink:label="lab_clns_RangeThreeMember_4737BE105B1680D5116B6E439CB52452" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Range Three [Member]</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_RangeThreeMember" xlink:label="loc_clns_RangeThreeMember_4737BE105B1680D5116B6E439CB52452" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_RangeThreeMember_4737BE105B1680D5116B6E439CB52452" xlink:to="lab_clns_RangeThreeMember_4737BE105B1680D5116B6E439CB52452" xlink:type="arc" />
    <link:label id="lab_clns_RangeFourMember_511E349494F4FA0099076E439CB55E57_terseLabel_en-US" xlink:label="lab_clns_RangeFourMember_511E349494F4FA0099076E439CB55E57" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Excess of $0.36</link:label>
    <link:label id="lab_clns_RangeFourMember_511E349494F4FA0099076E439CB55E57_label_en-US" xlink:label="lab_clns_RangeFourMember_511E349494F4FA0099076E439CB55E57" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Range Four [Member]</link:label>
    <link:label id="lab_clns_RangeFourMember_511E349494F4FA0099076E439CB55E57_documentation_en-US" xlink:label="lab_clns_RangeFourMember_511E349494F4FA0099076E439CB55E57" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Range Four [Member]</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_RangeFourMember" xlink:label="loc_clns_RangeFourMember_511E349494F4FA0099076E439CB55E57" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_RangeFourMember_511E349494F4FA0099076E439CB55E57" xlink:to="lab_clns_RangeFourMember_511E349494F4FA0099076E439CB55E57" xlink:type="arc" />
    <link:label id="lab_clns_RelatedPartyTransactionAnnualBaseManagementFeeAgreement_7A4AFB59C31C162B39926E439CB5C5B1_terseLabel_en-US" xlink:label="lab_clns_RelatedPartyTransactionAnnualBaseManagementFeeAgreement_7A4AFB59C31C162B39926E439CB5C5B1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current in place annual base management fee</link:label>
    <link:label id="lab_clns_RelatedPartyTransactionAnnualBaseManagementFeeAgreement_7A4AFB59C31C162B39926E439CB5C5B1_label_en-US" xlink:label="lab_clns_RelatedPartyTransactionAnnualBaseManagementFeeAgreement_7A4AFB59C31C162B39926E439CB5C5B1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party Transaction, Annual Base Management Fee Agreement</link:label>
    <link:label id="lab_clns_RelatedPartyTransactionAnnualBaseManagementFeeAgreement_7A4AFB59C31C162B39926E439CB5C5B1_documentation_en-US" xlink:label="lab_clns_RelatedPartyTransactionAnnualBaseManagementFeeAgreement_7A4AFB59C31C162B39926E439CB5C5B1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related Party Transaction, Annual Base Management Fee Agreement</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_RelatedPartyTransactionAnnualBaseManagementFeeAgreement" xlink:label="loc_clns_RelatedPartyTransactionAnnualBaseManagementFeeAgreement_7A4AFB59C31C162B39926E439CB5C5B1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_RelatedPartyTransactionAnnualBaseManagementFeeAgreement_7A4AFB59C31C162B39926E439CB5C5B1" xlink:to="lab_clns_RelatedPartyTransactionAnnualBaseManagementFeeAgreement_7A4AFB59C31C162B39926E439CB5C5B1" xlink:type="arc" />
    <link:label id="lab_clns_IncentiveFeePercentage_4834C215E2148926D4356E439CB5DCC6_verboseLabel_en-US" xlink:label="lab_clns_IncentiveFeePercentage_4834C215E2148926D4356E439CB5DCC6" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Incentive fee hurdle</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_IncentiveFeePercentage" xlink:label="loc_clns_IncentiveFeePercentage_4834C215E2148926D4356E439CB5DCC6" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_IncentiveFeePercentage_4834C215E2148926D4356E439CB5DCC6" xlink:to="lab_clns_IncentiveFeePercentage_4834C215E2148926D4356E439CB5DCC6" xlink:type="arc" />
    <link:label id="lab_clns_IncentiveFeePerShare_FA579224F4F8080280056E439CB56EF2_verboseLabel_en-US" xlink:label="lab_clns_IncentiveFeePerShare_FA579224F4F8080280056E439CB56EF2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Cumulative cash available for distribution (CAD) per share (in dollars per share)</link:label>
    <link:label id="lab_clns_IncentiveFeePerShare_FA579224F4F8080280056E439CB56EF2_label_en-US" xlink:label="lab_clns_IncentiveFeePerShare_FA579224F4F8080280056E439CB56EF2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Incentive Fee Per Share</link:label>
    <link:label id="lab_clns_IncentiveFeePerShare_FA579224F4F8080280056E439CB56EF2_documentation_en-US" xlink:label="lab_clns_IncentiveFeePerShare_FA579224F4F8080280056E439CB56EF2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Incentive Fee Per Share</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_IncentiveFeePerShare" xlink:label="loc_clns_IncentiveFeePerShare_FA579224F4F8080280056E439CB56EF2" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_IncentiveFeePerShare_FA579224F4F8080280056E439CB56EF2" xlink:to="lab_clns_IncentiveFeePerShare_FA579224F4F8080280056E439CB56EF2" xlink:type="arc" />
    <link:label id="lab_clns_AnnualAssetManagementFeeRate_14089667A25191F52C406E439CB54001_netLabel_en-US" xlink:label="lab_clns_AnnualAssetManagementFeeRate_14089667A25191F52C406E439CB54001" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Base management fee increase per annum</link:label>
    <link:label id="lab_clns_AnnualAssetManagementFeeRate_14089667A25191F52C406E439CB54001_label_en-US" xlink:label="lab_clns_AnnualAssetManagementFeeRate_14089667A25191F52C406E439CB54001" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Annual Asset Management Fee Rate</link:label>
    <link:label id="lab_clns_AnnualAssetManagementFeeRate_14089667A25191F52C406E439CB54001_documentation_en-US" xlink:label="lab_clns_AnnualAssetManagementFeeRate_14089667A25191F52C406E439CB54001" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the annual management fee rate.</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_AnnualAssetManagementFeeRate" xlink:label="loc_clns_AnnualAssetManagementFeeRate_14089667A25191F52C406E439CB54001" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_AnnualAssetManagementFeeRate_14089667A25191F52C406E439CB54001" xlink:to="lab_clns_AnnualAssetManagementFeeRate_14089667A25191F52C406E439CB54001" xlink:type="arc" />
    <link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_E497406BFD73A450947B55DB64161D0C_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_3EFB1CC369175030B2E677A735A54138" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Segment Reporting Information</link:label>
    <link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_E497406BFD73A450947B55DB64161D0C_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_3EFB1CC369175030B2E677A735A54138" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Segment Reporting Information, by Segment [Table Text Block]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:label="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_3EFB1CC369175030B2E677A735A54138" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_3EFB1CC369175030B2E677A735A54138" xlink:to="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_3EFB1CC369175030B2E677A735A54138" xlink:type="arc" />
    <link:label id="lab_clns_ServiceBasedAwardsMember_0E56D9D4ABD4228AD6797E075FFC3B72_terseLabel_en-US" xlink:label="lab_clns_ServiceBasedAwardsMember_0E56D9D4ABD4228AD6797E075FFC3B72" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restricted Stock / LTIP Units / RSUs with Service Conditions</link:label>
    <link:label id="lab_clns_ServiceBasedAwardsMember_0E56D9D4ABD4228AD6797E075FFC3B72_label_en-US" xlink:label="lab_clns_ServiceBasedAwardsMember_0E56D9D4ABD4228AD6797E075FFC3B72" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Service-Based Awards [Member]</link:label>
    <link:label id="lab_clns_ServiceBasedAwardsMember_0E56D9D4ABD4228AD6797E075FFC3B72_documentation_en-US" xlink:label="lab_clns_ServiceBasedAwardsMember_0E56D9D4ABD4228AD6797E075FFC3B72" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Service-Based Awards [Member]</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_ServiceBasedAwardsMember" xlink:label="loc_clns_ServiceBasedAwardsMember_0E56D9D4ABD4228AD6797E075FFC3B72" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_ServiceBasedAwardsMember_0E56D9D4ABD4228AD6797E075FFC3B72" xlink:to="lab_clns_ServiceBasedAwardsMember_0E56D9D4ABD4228AD6797E075FFC3B72" xlink:type="arc" />
    <link:label id="lab_clns_PerformanceBasedAwardsMember_69554F368805506FA34E7E075FFCCCE4_terseLabel_en-US" xlink:label="lab_clns_PerformanceBasedAwardsMember_69554F368805506FA34E7E075FFCCCE4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity-Based Awards with Performance Conditions</link:label>
    <link:label id="lab_clns_PerformanceBasedAwardsMember_69554F368805506FA34E7E075FFCCCE4_label_en-US" xlink:label="lab_clns_PerformanceBasedAwardsMember_69554F368805506FA34E7E075FFCCCE4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Performance-Based Awards [Member]</link:label>
    <link:label id="lab_clns_PerformanceBasedAwardsMember_69554F368805506FA34E7E075FFCCCE4_documentation_en-US" xlink:label="lab_clns_PerformanceBasedAwardsMember_69554F368805506FA34E7E075FFCCCE4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Performance-Based Awards [Member]</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_PerformanceBasedAwardsMember" xlink:label="loc_clns_PerformanceBasedAwardsMember_69554F368805506FA34E7E075FFCCCE4" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_PerformanceBasedAwardsMember_69554F368805506FA34E7E075FFCCCE4" xlink:to="lab_clns_PerformanceBasedAwardsMember_69554F368805506FA34E7E075FFCCCE4" xlink:type="arc" />
    <link:label id="lab_us-gaap_ContingentConsiderationByTypeAxis_99AEEBB600463FEE3C0C7E075FFD6BD7_terseLabel_en-US" xlink:label="lab_us-gaap_ContingentConsiderationByTypeAxis_99AEEBB600463FEE3C0C7E075FFD6BD7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contingent Consideration by Type [Axis]</link:label>
    <link:label id="lab_us-gaap_ContingentConsiderationByTypeAxis_99AEEBB600463FEE3C0C7E075FFD6BD7_label_en-US" xlink:label="lab_us-gaap_ContingentConsiderationByTypeAxis_99AEEBB600463FEE3C0C7E075FFD6BD7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contingent Consideration by Type [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ContingentConsiderationByTypeAxis" xlink:label="loc_us-gaap_ContingentConsiderationByTypeAxis_99AEEBB600463FEE3C0C7E075FFD6BD7" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContingentConsiderationByTypeAxis_99AEEBB600463FEE3C0C7E075FFD6BD7" xlink:to="lab_us-gaap_ContingentConsiderationByTypeAxis_99AEEBB600463FEE3C0C7E075FFD6BD7" xlink:type="arc" />
    <link:label id="lab_us-gaap_ContingentConsiderationTypeDomain_5C6EAD7F1566543433697E075FFD01F1_terseLabel_en-US" xlink:label="lab_us-gaap_ContingentConsiderationTypeDomain_5C6EAD7F1566543433697E075FFD01F1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contingent Consideration Type [Domain]</link:label>
    <link:label id="lab_us-gaap_ContingentConsiderationTypeDomain_5C6EAD7F1566543433697E075FFD01F1_label_en-US" xlink:label="lab_us-gaap_ContingentConsiderationTypeDomain_5C6EAD7F1566543433697E075FFD01F1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contingent Consideration Type [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ContingentConsiderationTypeDomain" xlink:label="loc_us-gaap_ContingentConsiderationTypeDomain_5C6EAD7F1566543433697E075FFD01F1" xlink:type="locator" />
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    <link:label id="lab_clns_CommonStockSharesRepurchased_CDC3C483D5F6CF4D350F2BCDF1346796_documentation_en-US" xlink:label="lab_clns_CommonStockSharesRepurchased_C52A9F791C335FFD92548EBBDA9DF798" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common Stock, Shares Repurchased</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_CommonStockSharesRepurchased" xlink:label="loc_clns_CommonStockSharesRepurchased_C52A9F791C335FFD92548EBBDA9DF798" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ProceedsFromRepurchaseOfEquity_2021B427A1E9FC17C1322BCDF1349178_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromRepurchaseOfEquity_E466022B25555E44AA4B5DF7F816E42A" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Common stock repurchased</link:label>
    <link:label id="lab_us-gaap_ProceedsFromRepurchaseOfEquity_2021B427A1E9FC17C1322BCDF1349178_label_en-US" xlink:label="lab_us-gaap_ProceedsFromRepurchaseOfEquity_E466022B25555E44AA4B5DF7F816E42A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from (Repurchase of) Equity</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromRepurchaseOfEquity" xlink:label="loc_us-gaap_ProceedsFromRepurchaseOfEquity_E466022B25555E44AA4B5DF7F816E42A" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LoansPayableMember_FE9FC69563FD0C9FD2367E0760447FB1_terseLabel_en-US" xlink:label="lab_us-gaap_LoansPayableMember_FE9FC69563FD0C9FD2367E0760447FB1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan Agreement</link:label>
    <link:label id="lab_us-gaap_LoansPayableMember_FE9FC69563FD0C9FD2367E0760447FB1_label_en-US" xlink:label="lab_us-gaap_LoansPayableMember_FE9FC69563FD0C9FD2367E0760447FB1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans Payable [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LoansPayableMember" xlink:label="loc_us-gaap_LoansPayableMember_FE9FC69563FD0C9FD2367E0760447FB1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansPayableMember_FE9FC69563FD0C9FD2367E0760447FB1" xlink:to="lab_us-gaap_LoansPayableMember_FE9FC69563FD0C9FD2367E0760447FB1" xlink:type="arc" />
    <link:label id="lab_clns_ListedCompaniesMember_DF9AEBF492F07DB7A0427E076045D66B_verboseLabel_en-US" xlink:label="lab_clns_ListedCompaniesMember_DF9AEBF492F07DB7A0427E076045D66B" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">NorthStar Listed Shares</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_ListedCompaniesMember" xlink:label="loc_clns_ListedCompaniesMember_DF9AEBF492F07DB7A0427E076045D66B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_ListedCompaniesMember_DF9AEBF492F07DB7A0427E076045D66B" xlink:to="lab_clns_ListedCompaniesMember_DF9AEBF492F07DB7A0427E076045D66B" xlink:type="arc" />
    <link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_B55AD0F0F6F93441E74A7E0760456883_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_B55AD0F0F6F93441E74A7E0760456883" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowing capacity</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_B55AD0F0F6F93441E74A7E0760456883" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_B55AD0F0F6F93441E74A7E0760456883" xlink:to="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_B55AD0F0F6F93441E74A7E0760456883" xlink:type="arc" />
    <link:label id="lab_clns_LineOfCreditFacilityFinancialCovenantUnrestrictedCashOrCashEquivalentsAmount_7BD8512983B25E7DE6217E076045C0B3_terseLabel_en-US" xlink:label="lab_clns_LineOfCreditFacilityFinancialCovenantUnrestrictedCashOrCashEquivalentsAmount_7BD8512983B25E7DE6217E076045C0B3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial covenant, unrestricted cash or cash equivalents amount</link:label>
    <link:label id="lab_clns_LineOfCreditFacilityFinancialCovenantUnrestrictedCashOrCashEquivalentsAmount_7BD8512983B25E7DE6217E076045C0B3_label_en-US" xlink:label="lab_clns_LineOfCreditFacilityFinancialCovenantUnrestrictedCashOrCashEquivalentsAmount_7BD8512983B25E7DE6217E076045C0B3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Financial Covenant, Unrestricted Cash or Cash Equivalents Amount</link:label>
    <link:label id="lab_clns_LineOfCreditFacilityFinancialCovenantUnrestrictedCashOrCashEquivalentsAmount_7BD8512983B25E7DE6217E076045C0B3_documentation_en-US" xlink:label="lab_clns_LineOfCreditFacilityFinancialCovenantUnrestrictedCashOrCashEquivalentsAmount_7BD8512983B25E7DE6217E076045C0B3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of unrestricted cash or cash equivalents required to be maintained at all times under the terms of financial covenant of the debt instrument.</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_LineOfCreditFacilityFinancialCovenantUnrestrictedCashOrCashEquivalentsAmount" xlink:label="loc_clns_LineOfCreditFacilityFinancialCovenantUnrestrictedCashOrCashEquivalentsAmount_7BD8512983B25E7DE6217E076045C0B3" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LineOfCredit_FFD9EF3C622F4CBF63BF7E076045522A_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCredit_FFD9EF3C622F4CBF63BF7E076045522A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credit facility</link:label>
    <link:label id="lab_us-gaap_LineOfCredit_FFD9EF3C622F4CBF63BF7E076045522A_label_en-US" xlink:label="lab_us-gaap_LineOfCredit_FFD9EF3C622F4CBF63BF7E076045522A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term Line of Credit</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCredit" xlink:label="loc_us-gaap_LineOfCredit_FFD9EF3C622F4CBF63BF7E076045522A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCredit_FFD9EF3C622F4CBF63BF7E076045522A" xlink:to="lab_us-gaap_LineOfCredit_FFD9EF3C622F4CBF63BF7E076045522A" xlink:type="arc" />
    <link:label id="lab_us-gaap_DebtInstrumentFaceAmount_D70195BA1EB8B489066D7E076045C5AA_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount_D70195BA1EB8B489066D7E076045C5AA" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Loan Agreement</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_D70195BA1EB8B489066D7E076045C5AA" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFaceAmount_D70195BA1EB8B489066D7E076045C5AA" xlink:to="lab_us-gaap_DebtInstrumentFaceAmount_D70195BA1EB8B489066D7E076045C5AA" xlink:type="arc" />
    <link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_E361A2446793A818265B7E0760456240_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_E361A2446793A818265B7E0760456240" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan agreement, interest rate</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_E361A2446793A818265B7E0760456240_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_E361A2446793A818265B7E0760456240" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Interest Rate, Stated Percentage</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_E361A2446793A818265B7E0760456240" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_E361A2446793A818265B7E0760456240" xlink:to="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_E361A2446793A818265B7E0760456240" xlink:type="arc" />
    <link:label id="lab_clns_RelatedPartyStockPurchasedDuringPeriodShares_CC9731EC378145346DE17E0760450C28_terseLabel_en-US" xlink:label="lab_clns_RelatedPartyStockPurchasedDuringPeriodShares_CC9731EC378145346DE17E0760450C28" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shares purchased (shares)</link:label>
    <link:label id="lab_clns_RelatedPartyStockPurchasedDuringPeriodShares_CC9731EC378145346DE17E0760450C28_label_en-US" xlink:label="lab_clns_RelatedPartyStockPurchasedDuringPeriodShares_CC9731EC378145346DE17E0760450C28" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party Stock Purchased During Period Shares</link:label>
    <link:label id="lab_clns_RelatedPartyStockPurchasedDuringPeriodShares_CC9731EC378145346DE17E0760450C28_documentation_en-US" xlink:label="lab_clns_RelatedPartyStockPurchasedDuringPeriodShares_CC9731EC378145346DE17E0760450C28" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of common shares purchased during the period.</link:label>
    <link:loc xlink:href="clns-20161231.xsd#clns_RelatedPartyStockPurchasedDuringPeriodShares" xlink:label="loc_clns_RelatedPartyStockPurchasedDuringPeriodShares_CC9731EC378145346DE17E0760450C28" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_RelatedPartyStockPurchasedDuringPeriodShares_CC9731EC378145346DE17E0760450C28" xlink:to="lab_clns_RelatedPartyStockPurchasedDuringPeriodShares_CC9731EC378145346DE17E0760450C28" xlink:type="arc" />
    <link:label id="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecurities_470271E23A90F54F008F7E07604546FD_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecurities_470271E23A90F54F008F7E07604546FD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Value of shares purchased</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecurities_470271E23A90F54F008F7E07604546FD_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecurities_470271E23A90F54F008F7E07604546FD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Acquire Available-for-sale Securities</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireAvailableForSaleSecurities" xlink:label="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecurities_470271E23A90F54F008F7E07604546FD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecurities_470271E23A90F54F008F7E07604546FD" xlink:to="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecurities_470271E23A90F54F008F7E07604546FD" xlink:type="arc" />
    <link:label id="lab_us-gaap_UnrealizedGainLossOnSecurities_96433DE9870C4C032B747E076045E98A_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_UnrealizedGainLossOnSecurities_96433DE9870C4C032B747E076045E98A" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Unrealized loss</link:label>
    <link:label id="lab_us-gaap_UnrealizedGainLossOnSecurities_96433DE9870C4C032B747E076045E98A_label_en-US" xlink:label="lab_us-gaap_UnrealizedGainLossOnSecurities_96433DE9870C4C032B747E076045E98A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unrealized Gain (Loss) on Securities</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnrealizedGainLossOnSecurities" xlink:label="loc_us-gaap_UnrealizedGainLossOnSecurities_96433DE9870C4C032B747E076045E98A" xlink:type="locator" />
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    <link:label id="lab_us-gaap_InvestmentIncomeDividend_9E10BD99303D127799F97E0760469130_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentIncomeDividend_9E10BD99303D127799F97E0760469130" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividend income</link:label>
    <link:label id="lab_us-gaap_InvestmentIncomeDividend_9E10BD99303D127799F97E0760469130_label_en-US" xlink:label="lab_us-gaap_InvestmentIncomeDividend_9E10BD99303D127799F97E0760469130" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment Income, Dividend</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InvestmentIncomeDividend" xlink:label="loc_us-gaap_InvestmentIncomeDividend_9E10BD99303D127799F97E0760469130" xlink:type="locator" />
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    <link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_E54F8FE9329B9AE3839C7D4395027786_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_E54F8FE9329B9AE3839C7D4395027786" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_E54F8FE9329B9AE3839C7D4395027786" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_E54F8FE9329B9AE3839C7D4395027786" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_E54F8FE9329B9AE3839C7D4395027786" xlink:type="arc" />
    <link:label id="lab_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_AC428ACF81669E6328847D4395026CE7_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_AC428ACF81669E6328847D4395026CE7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restricted cash</link:label>
    <link:label id="lab_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_AC428ACF81669E6328847D4395026CE7_label_en-US" xlink:label="lab_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_AC428ACF81669E6328847D4395026CE7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted Cash and Cash Equivalents, Current</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_AC428ACF81669E6328847D4395026CE7" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_AC428ACF81669E6328847D4395026CE7" xlink:to="lab_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_AC428ACF81669E6328847D4395026CE7" xlink:type="arc" />
    <link:label id="lab_us-gaap_DueFromRelatedParties_0A8322A0FD8CC9DB9CDE7D4395032F0D_terseLabel_en-US" xlink:label="lab_us-gaap_DueFromRelatedParties_0A8322A0FD8CC9DB9CDE7D4395032F0D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Receivables, net (refer to Note 3)</link:label>
    <link:label id="lab_us-gaap_DueFromRelatedParties_0A8322A0FD8CC9DB9CDE7D4395032F0D_label_en-US" xlink:label="lab_us-gaap_DueFromRelatedParties_0A8322A0FD8CC9DB9CDE7D4395032F0D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Due from Related Parties</link:label>
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    <link:label id="lab_us-gaap_Liabilities_DA07089D27E1452DA1047D439503F0A0_label_en-US" xlink:label="lab_us-gaap_Liabilities_DA07089D27E1452DA1047D439503F0A0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_DA07089D27E1452DA1047D439503F0A0" xlink:type="locator" />
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    <link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_AAB052355E8E3DBD2BEC7E0760D73F2E_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_AAB052355E8E3DBD2BEC7E0760D73F2E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Issuance of common stock to directors (shares)</link:label>
    <link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_AAB052355E8E3DBD2BEC7E0760D73F2E_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_AAB052355E8E3DBD2BEC7E0760D73F2E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, Restricted Stock Award, Gross</link:label>
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    <link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets_EB3AB95960035AAA72767E0760D7F0D1_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets_EB3AB95960035AAA72767E0760D7F0D1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, Purchase of Assets</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets_EB3AB95960035AAA72767E0760D7F0D1" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets_EB3AB95960035AAA72767E0760D7F0D1" xlink:type="arc" />
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    <link:label id="lab_us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets_846AFF6019E9FF5779867E0760D786AB_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets_846AFF6019E9FF5779867E0760D786AB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Value, Purchase of Assets</link:label>
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    <link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_429877A3FF9CFB9898227E0760D7B73E_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_429877A3FF9CFB9898227E0760D7B73E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures</link:label>
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    <link:label id="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_364D2106CC152B9A7AE77E0760D7AA0C_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_364D2106CC152B9A7AE77E0760D7AA0C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_364D2106CC152B9A7AE77E0760D7AA0C" xlink:type="locator" />
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    <link:label id="lab_clns_StockIssuedDuringPeriodSharesNewIssuesSettlementofRestrictedStockUnitstoCommonStock_959B0E664A65FBE8EED47E0760D769CE_terseLabel_en-US" xlink:label="lab_clns_StockIssuedDuringPeriodSharesNewIssuesSettlementofRestrictedStockUnitstoCommonStock_959B0E664A65FBE8EED47E0760D769CE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Settlement of RSUs to common stock, net (shares)</link:label>
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    <link:loc xlink:href="clns-20161231.xsd#clns_StockIssuedDuringPeriodSharesNewIssuesSettlementofRestrictedStockUnitstoCommonStock" xlink:label="loc_clns_StockIssuedDuringPeriodSharesNewIssuesSettlementofRestrictedStockUnitstoCommonStock_959B0E664A65FBE8EED47E0760D769CE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_StockIssuedDuringPeriodSharesNewIssuesSettlementofRestrictedStockUnitstoCommonStock_959B0E664A65FBE8EED47E0760D769CE" xlink:to="lab_clns_StockIssuedDuringPeriodSharesNewIssuesSettlementofRestrictedStockUnitstoCommonStock_959B0E664A65FBE8EED47E0760D769CE" xlink:type="arc" />
    <link:label id="lab_clns_StockIssuedDuringPeriodValueNewIssuesSettlementofRestrictedStockUnitstoCommonStock_AAD940056924DACDAEB37E0760D7B9BF_terseLabel_en-US" xlink:label="lab_clns_StockIssuedDuringPeriodValueNewIssuesSettlementofRestrictedStockUnitstoCommonStock_AAD940056924DACDAEB37E0760D7B9BF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Settlement of RSUs to common stock, net (refer to Note 9)</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clns_StockIssuedDuringPeriodValueNewIssuesSettlementofRestrictedStockUnitstoCommonStock_AAD940056924DACDAEB37E0760D7B9BF" xlink:to="lab_clns_StockIssuedDuringPeriodValueNewIssuesSettlementofRestrictedStockUnitstoCommonStock_AAD940056924DACDAEB37E0760D7B9BF" xlink:type="arc" />
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    <link:label id="lab_clns_StockIssuedDuringPeriodValueNewIssuesSettlementofRestrictedStockUnitstoPerformanceCommonStock_0B45B35F67169A3DC7CF7E0760D7891C_terseLabel_en-US" xlink:label="lab_clns_StockIssuedDuringPeriodValueNewIssuesSettlementofRestrictedStockUnitstoPerformanceCommonStock_0B45B35F67169A3DC7CF7E0760D7891C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Settlement of RSUs to performance common stock (refer to Note 9)</link:label>
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    <link:label id="lab_us-gaap_DividendsCommonStockCash_3FAFC70256D1427AA8D37E0760D8FFC1_negatedLabel_en-US" xlink:label="lab_us-gaap_DividendsCommonStockCash_3FAFC70256D1427AA8D37E0760D8FFC1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Dividends on common stock and equity-based awards (refer to Note 9)</link:label>
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    <link:label id="lab_us-gaap_TreasuryStockSharesRetired_76608D04A418054098DA7E0760D80B02_label_en-US" xlink:label="lab_us-gaap_TreasuryStockSharesRetired_76608D04A418054098DA7E0760D80B02" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Treasury Stock, Shares, Retired</link:label>
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    <link:label id="lab_us-gaap_TreasuryStockRetiredCostMethodAmount_1BC7EC9F7FCEC65217207E0760D8AEBC_label_en-US" xlink:label="lab_us-gaap_TreasuryStockRetiredCostMethodAmount_1BC7EC9F7FCEC65217207E0760D8AEBC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Treasury Stock, Retired, Cost Method, Amount</link:label>
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    <link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesAcquisitions_FA4EAF013E57897FC7957E0760D8A521_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesAcquisitions_FA4EAF013E57897FC7957E0760D8A521" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, Acquisitions</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesAcquisitions_FA4EAF013E57897FC7957E0760D8A521" xlink:type="locator" />
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    <link:label id="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_22A746268B06B31465C67E0760D83AB4_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_22A746268B06B31465C67E0760D83AB4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Value, Acquisitions</link:label>
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    <link:label id="lab_clns_NoncontrollingInterestDecreasefromReallocation_5D5D84EE476AE01A8B317E0760D8DA66_negatedTerseLabel_en-US" xlink:label="lab_clns_NoncontrollingInterestDecreasefromReallocation_5D5D84EE476AE01A8B317E0760D8DA66" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Reallocation of non-controlling interests in the NSAM OP (refer to Note 11)</link:label>
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    <link:label id="lab_clns_AdjustmentstoAdditionalPaidinCapitalCallSpreadPremiumNet_3EAF450CE5550DF9B83C7E0760D8508E_negatedTerseLabel_en-US" xlink:label="lab_clns_AdjustmentstoAdditionalPaidinCapitalCallSpreadPremiumNet_3EAF450CE5550DF9B83C7E0760D8508E" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Call Spread premium, net</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NotesReceivableFairValueDisclosure" xlink:label="loc_us-gaap_NotesReceivableFairValueDisclosure_2A606B86247DC307CEA28671186409A2" xlink:type="locator" />
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    <link:loc xlink:href="clns-20161231.xsd#clns_ConsiderationTransferredtoAcquireEquityMethodInvestments" xlink:label="loc_clns_ConsiderationTransferredtoAcquireEquityMethodInvestments_E96194EAF3C4AE4A5F44867118640ACA" xlink:type="locator" />
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    <link:label id="lab_us-gaap_PaymentsToAcquireEquityMethodInvestments_8B226BA3E87DCC7495B9867118642432_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireEquityMethodInvestments_8B226BA3E87DCC7495B9867118642432" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments to acquire marketplace finance platform</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireEquityMethodInvestments_8B226BA3E87DCC7495B9867118642432_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireEquityMethodInvestments_8B226BA3E87DCC7495B9867118642432" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Acquire Equity Method Investments</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments_8B226BA3E87DCC7495B9867118642432" xlink:type="locator" />
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    <link:label id="lab_us-gaap_StockIssued1_4FDC7150A4154F58DCCB86711864C227_verboseLabel_en-US" xlink:label="lab_us-gaap_StockIssued1_4FDC7150A4154F58DCCB86711864C227" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Stock issued</link:label>
    <link:label id="lab_us-gaap_StockIssued1_4FDC7150A4154F58DCCB86711864C227_label_en-US" xlink:label="lab_us-gaap_StockIssued1_4FDC7150A4154F58DCCB86711864C227" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Issued</link:label>
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    <link:label id="lab_us-gaap_NetIncomeLossAbstract_8A626A865E3A806082836235B9A98054_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAbstract_8A626A865E3A806082836235B9A98054" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Numerator:</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossAbstract_8A626A865E3A806082836235B9A98054_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAbstract_8A626A865E3A806082836235B9A98054" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Income (Loss) Attributable to Parent [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAbstract" xlink:label="loc_us-gaap_NetIncomeLossAbstract_8A626A865E3A806082836235B9A98054" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAbstract_8A626A865E3A806082836235B9A98054" xlink:to="lab_us-gaap_NetIncomeLossAbstract_8A626A865E3A806082836235B9A98054" xlink:type="arc" />
    <link:label id="lab_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_2235A22111A80F30DC796235B9A9FB02_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_2235A22111A80F30DC796235B9A9FB02" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Less: Earnings (loss) allocated to unvested participating securities</link:label>
    <link:label id="lab_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_2235A22111A80F30DC796235B9A9FB02_label_en-US" xlink:label="lab_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_2235A22111A80F30DC796235B9A9FB02" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Participating Securities, Distributed and Undistributed Earnings (Loss), Basic</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic" xlink:label="loc_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_2235A22111A80F30DC796235B9A9FB02" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_2235A22111A80F30DC796235B9A9FB02" xlink:to="lab_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_2235A22111A80F30DC796235B9A9FB02" xlink:type="arc" />
    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_74E5CB30A64D1A7F86316235B9AA0543_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_74E5CB30A64D1A7F86316235B9AA0543" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Numerator for basic income (loss) per share</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_74E5CB30A64D1A7F86316235B9AA0543_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_74E5CB30A64D1A7F86316235B9AA0543" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Basic</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_74E5CB30A64D1A7F86316235B9AA0543" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_74E5CB30A64D1A7F86316235B9AA0543" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_74E5CB30A64D1A7F86316235B9AA0543" xlink:type="arc" />
    <link:label id="lab_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_465D2884A3A413C06E656235B9AAA417_terseLabel_en-US" xlink:label="lab_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_465D2884A3A413C06E656235B9AAA417" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Add: Undistributed earnings allocated to participating nonvested shares</link:label>
    <link:label id="lab_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_465D2884A3A413C06E656235B9AAA417_label_en-US" xlink:label="lab_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_465D2884A3A413C06E656235B9AAA417" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted" xlink:label="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_465D2884A3A413C06E656235B9AAA417" xlink:type="locator" />
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    <link:label id="lab_clns_UndistributedEarningsLossReallocatedtoParticipatingSecuritiesDiluted_E7040830BA9BD7D73BD56235B9AACC76_negatedTerseLabel_en-US" xlink:label="lab_clns_UndistributedEarningsLossReallocatedtoParticipatingSecuritiesDiluted_E7040830BA9BD7D73BD56235B9AACC76" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Less: Undistributed earnings reallocated to participating nonvested shares</link:label>
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    <link:label id="lab_clns_UndistributedEarningsLossReallocatedtoParticipatingSecuritiesDiluted_E7040830BA9BD7D73BD56235B9AACC76_documentation_en-US" xlink:label="lab_clns_UndistributedEarningsLossReallocatedtoParticipatingSecuritiesDiluted_E7040830BA9BD7D73BD56235B9AACC76" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Undistributed Earnings (Loss) Reallocated to Participating Securities, Diluted</link:label>
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    <link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_F2FB03D55A34BC7AA98B6235B9AA47BB_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_F2FB03D55A34BC7AA98B6235B9AA47BB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income (loss) attributable to LTIP Units non-controlling interests</link:label>
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    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_95DFCCB950CA6F3F9C1F6235B9AAAAE9_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_95DFCCB950CA6F3F9C1F6235B9AAAAE9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Numerator for diluted income (loss) per share</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_95DFCCB950CA6F3F9C1F6235B9AAAAE9_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_95DFCCB950CA6F3F9C1F6235B9AAAAE9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Income (Loss) Available to Common Stockholders, Diluted</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_95DFCCB950CA6F3F9C1F6235B9AAAAE9" xlink:type="locator" />
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