Cushman & Wakefield
 |
| File:Cushman & Wakefield logo.png | |
| Company type | Private |
|---|---|
| ISIN | GB00BFZ4N465  |
| Industry | Real Estate |
| Founded | 1917 |
| Headquarters | Chicago, Illinois, U.S. |
Area served | Worldwide |
Key people | Global Leadership Brett White – Chairman & CEO Tod Lickerman – Global President John Santora – Global Chief Operating Officer & Global Chief Integration Officer Duncan Palmer – Global Chief Financial Officer Brett Soloway – Global General Counsel Matthew Bouw – Global Chief Human Resources & Strategy Officer Adam Stanley – Global Chief Information Officer Regional Leadership Joe Stettinius – Chief Executive Americas John Forrester – Chief Executive EMEA Edward Cheung – Chairman APAC Board & Chief Executive Greater China Stuart Roberts – Chief Executive APAC Service Line Leadership Carlo Barel di Sant’Albano – Chairman EMEA and Chief Executive Global Capital Markets & Investor Services Steve Quick – Chief Executive Global Occupier Services John Busi – President Valuation & Advisory, Americas & Global Practice Lead Paul Bedborough – President, C&W Services Chris Cooper – Chief Executive, DTZ Investors |
| Products | Commercial Real Estate Services |
| Services | Agency Leasing Asset Services Capital Markets Facility Services (C&W Services) Global Occupier Services Investment Management (DTZ Investors) Project & Development Services Tenant Representation Valuation & Advisory |
| Revenue | 6,900,000,000 United States dollar (2017) |
Number of employees | 43,000+ |
| Website | http://www.cushmanwakefield.com/ |
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 (Americas), London (EMEA), and Sydney (APAC).
Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion. The firm operates in more than 60 countries and has 43,000+ employees.
History
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 people.
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.[citation needed]
1960 Cushman & Wakefield begins a national expansion establishing offices throughout the U.S.[citation needed]
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.[citation needed]
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.[citation needed]
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.[1] That stake is currently 80.91 percent.[2] 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.[3] John Elkann is chairman of the board.[4]
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.[5]
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.[6]
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.[7] The two companies combine for $5 billion in revenues and 43,000 employees. In 2014, the two engaged in more than $190 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.[8]
References
- ^ "Agnellis Buy Control Of Cushman & Wakefield". Forbes.com. Retrieved 2015-04-23.
- ^ "Exor S.p.A. - Investments". Exor.com. 2014-03-20. Retrieved 2015-04-23.
- ^ Grant, Peter (2013-12-16). "Cushman & Wakefield Names Edward Forst Chief Executive - WSJ". Online.wsj.com. Retrieved 2015-04-23.
- ^ Grant, Peter (2014-04-15). "Cushman & Wakefield Names John Elkann as Chairman". WSJ.com. Retrieved 2015-04-23.
- ^ Grant, Peter (2015-02-24). "Cushman & Wakefield Going Up for Sale". WSJ.com. Retrieved 2015-04-23.
- ^ Grant, Peter (2015-05-11). "TPG-Backed DTZ to Acquire Cushman & Wakefield". WSJ.com. Retrieved 2015-05-11.
- ^ http://www.cushmanwakefield.com/en/news/2015/09/merger-announcement/
- ^ "Leadership of C&W's Local U.S. Markets Comes Into Focus - CoStar Group". www.costar.com. Retrieved 2015-11-20.