Cushman & Wakefield

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Cushman & Wakefield
Private
Industry Real Estate
Founded 1917
Headquarters Manhattan, New York, U.S.
Area served
Worldwide
Key people
John Elkann, Chairman of the Board of Directors
Edward C. Forst, President & Chief Executive Officer
John C. Cushman III, Chairman
Mario Bonaccorso, Managing Director
John Santora, Chief Executive Officer North America
Michael Bartolotta, Chief Financial Officer & Executive Vice President"
Gene Boxer,
Global General Counsel
John Busi,
Executive Vice President
Products Commercial real estate services
Services

Agency/Project Leasing
Building Consultancy
Capital Markets and Financing
Corporate and Occupier Services

Facilities Management
Facilities Services*
Investment and Asset Management**
Project and Development Management
Property Management
Portfolio Administration
Strategic Consulting
Sustainability
Tenant Representation
Valuation Services
Number of employees
16,000+
Website http://www.cushmanwakefield.com/

Cushman & Wakefield, Inc. is a privately held commercial real estate services firm headquartered at 1290 Avenue of the Americas in New York City. The firm owns approximately 250 offices in 60 countries and has over 16,000 employees.[1]

The firm's global services include leasing, sales and acquisitions, debt and equity financing, investment banking, corporate services, property management, facilities management, project management, consulting, valuation, appraisal and property tax services. It is a member of REBNY.[2]

Early 20th Century Cushman & Wakefield Office
Cushman & Wakefields World HQ in Manhattan
Cushman & Wakefield's London Office
Cushman & Wakefield's Hong Kong Office

History[edit]

75 Rockefeller Plaza, represented by Cushman & Wakefield

Cushman & Wakefield was founded in New York on October 31, 1917 by brothers-in-law J. Clydesdale Cushman and Bernard Wakefield. Expanding first throughout the United States and then globally, today Cushman & Wakefield has approximately 250 offices in 60 countries, employing more than 16,000 professionals who deliver quality services to its diversified global client base.

1820 Healey & Baker, Cushman & Wakefield’s future European operation, is started in London 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.

1860 George Healey’s son, Alfred, becomes a partner in the firm, and the company greatly expands its activities in London, in particular the Bayswater Road area.

1910 George Henry Baker joins Healey’s firm. Bernard Wakefield arrives in the United States from England, where since the age of 21 he had been managing a real estate office.

1917 Cushman & Wakefield is incorporated in New York by J. Clydesdale Cushman and Bernard Wakefield.

1920 George Henry Baker becomes a partner and the firm becomes known as Healey & Baker, focusing on commercial property.

1930’s-1940’s Cushman & Wakefield becomes a market leader in all real estate services throughout the regional New York area.

1960 Cushman & Wakefield begins a national expansion establishing offices throughout the U.S. to better service its clients.

1969 Media conglomerate RCA Corp. acquired Cushman & Wakefield.

1976 RCA Corp. sold its stake to The Rockefeller Group. In 1989, The Rockefeller Group further strengthened its position in commercial real estate when Mitsubishi Estate Co. Ltd., one of the world’s largest real estate companies, became its majority shareholder.

1984 Arthur J. Mirante II becomes CEO of Cushman & Wakefield.

1990 Presence in Europe established through the acquisition of Healey & Baker.

1994 C&W worldwide partnership is established with major real estate services firms in the U.S., Europe, Asia, South America, Mexico, and Canada.

2001 Cushman & Wakefield acquires 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. 2002 The Cushman & Wakefield Alliance Program was formed 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.[3] That stake is currently 80.91 percent.[4] Cushman & Wakefield carryies 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.[5] John Elkann is chairman of the board.[6]

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.[7]

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.[8]

References[edit]

  1. ^ "Company History - Cushman & Wakefield". Cushmanwakefield.com. 1917-10-31. Retrieved 2015-04-23. 
  2. ^ http://www.rebny.com/content/rebny/en/directory/member-firms.html
  3. ^ "Agnellis Buy Control Of Cushman & Wakefield". Forbes.com. Retrieved 2015-04-23. 
  4. ^ "Exor S.p.A. - Investments". Exor.com. 2014-03-20. Retrieved 2015-04-23. 
  5. ^ Grant, Peter (2013-12-16). "Cushman & Wakefield Names Edward Forst Chief Executive - WSJ". Online.wsj.com. Retrieved 2015-04-23. 
  6. ^ Grant, Peter (2014-04-15). "Cushman & Wakefield Names John Elkann as Chairman". WSJ.com. Retrieved 2015-04-23. 
  7. ^ Grant, Peter (2015-02-24). "Cushman & Wakefield Going Up for Sale". WSJ.com. Retrieved 2015-04-23. 
  8. ^ Grant, Peter (2015-05-11). "TPG-Backed DTZ to Acquire Cushman & Wakefield". WSJ.com. Retrieved 2015-05-11. 

External links[edit]