Cushman & Wakefield is an American commercial real estate services company. The company's global headquarters is located in Chicago, with regional headquarters in New York City (Americas), London (EMEA), Sydney (APAC), and Bengaluru (Asia).
Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $6 billion.The firm operates in more than 70 countries and 45,000 employees.
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History
Cushman & Wakefield was founded in New York on October 31, 1917 by brothers-in-law J. Clydesdale Cushman and Bernard Wakefield. Having expanded throughout the United States, as well as globally, Cushman & Wakefield has more than 300 offices in more than 70 countries, employing more than 45,000 people.
In the 1960s, Cushman & Wakefield began a national expansion, establishing offices throughout the U.S. In 1969, Media conglomerate RCA acquired Cushman & Wakefield, and subsequently sold its stake to The Rockefeller Group in 1976. In 1989, Mitsubishi Estate Co. Ltd. became the majority shareholder in The Rockefeller Group.
In 1990, a presence in Europe was established through the acquisition of Healey & Baker. Healey & Baker was started in London in 1820 by George Healey, who took building leases on Crown lands to the east and north of Regent's Park at the time when Regent Street was being built. In 1910, George Henry Baker joined the firm and became a partner and started focusing on commercial property in 1920, when the firm became known as Healey & Baker.
In 1994, C&W worldwide partnership was established with major real estate services firms in the U.S., Europe, Asia, South America, Mexico, and Canada.
In 2001, Cushman & Wakefield acquired Cushman Realty Corporation (CRC), bolstering its presence on the West Coast and Southwest United States, bringing CRC founders John C. Cushman III and Louis B. Cushman back to the firm founded by their grandfather, J. Clydesdale Cushman and great-uncle, Bernard Wakefield. John C. Cushman became Chairman of the Board of Directors, and Louis B. Cushman, Vice Chairman.
The Cushman & Wakefield Alliance Program was formed in 2002 to expand service capabilities for clients in U.S. markets where owned offices were not maintained.
2005 Bruce E. Mosler becomes CEO of Cushman & Wakefield. Cushman & Wakefield sells the MetLife Building at 200 Park Avenue for $1.72 billion, the largest single-building sale in New York City history at the time. Cushman & Wakefield acquires its affiliate in Russia, establishing Cushman & Wakefield Stiles & Riabokobylko, and its Canadian affiliate, establishing Cushman & Wakefield LePage. 2006 Cushman & Wakefield establishes its own office in Romania, Central Europe's second biggest market after Poland. Cushman & Wakefield purchase Cushman & Wakefield Mexico.
2007 IFIL (now known as EXOR), the investment group of the Agnelli family, one of Europe's leading entrepreneurial families, listed on the Italian stock exchange, acquires an approximately 70 percent stake in Cushman & Wakefield becoming the firm's majority shareholder and replacing the Rockefeller Group as majority shareholder of the firm. That stake is currently 80.91 percent. Cushman & Wakefield carries out a series of acquisitions which include real estate investment banking firm Sonnenblick Goldman, Semco, Alston Nock. In addition, the firm forms a strategic alliance with Property and Portfolio Research (PPR), an independent provider of commercial real estate research, portfolio strategy, and risk management advisory services. Cushman & Wakefield is named the exclusive leasing agent for One World Trade Center by the Port Authority of New York and New Jersey. Cushman & Wakefield Hospitality Asia and Cushman & Wakefield Capital Asia (CWCA) are established
2008 Cushman & Wakefield acquired Burnham Real Estate in Western U.S. Cushman & Wakefield acquires P&D Real Estate Consultants in Turkey.
2010 Glenn Rufrano named President & CEO.
2011 Cushman & Wakefield launched its first investment fund in partnership with the pension fund SWIP, to invest in urban retail properties throughout Europe. The company had approximately $5.5 billion in assets under management, primarily in Europe and Asia Pacific. Cushman & Wakefield acquires full ownership of Corporate Occupier Solutions (COS), Ltd., formerly a joint venture between Cushman & Wakefield and EC Harris to provide integrated facility, project, transaction, and asset management services to corporate real estate client across EMEA.
2014 Ed Forst was appointed President and CEO of the company. John Elkann is chairman of the board.
2015 On February 24, 2015, it was confirmed that Exor SpA has approved management's hiring of Goldman Sachs Group Inc. and Morgan Stanley to help look for a buyer for Cushman.
On May 11, 2015, DTZ, a commercial-real-estate-services firm backed by private-equity giant TPG, has agreed to buy Cushman & Wakefield Inc. for $2 billion.
On September 1, 2015, Cushman & Wakefield and DTZ merged. The firm now operates under the Cushman & Wakefield brand and has a new visual identity and logo. The new Cushman & Wakefield is majority owned by an investor group led by TPG, PAG, and OTPP. The two companies combine for $6 billion in revenues and 45,000 employees. In 2016, the two engaged in more than $191 billion in commercial real estate transactions. There is a significant amount of commercial property under management between the two companies - approximately 4.3 billion square feet.
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References
External links
- Cushman & Wakefield website
Source of article : Wikipedia
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