Cushman & Wakefield

Cushman & Wakefield Inc.
Public
Traded as NYSE: CWK
Industry Real Estate
Founded 1917
Headquarters Chicago, USA
Area served
 Worldwide
Key people
 Brett White, Chairman and CEO
John Forrester, President
Duncan Palmer, CFO
Products Commercial Real Estate Services
Services Agency Leasing
Asset Services
Capital Markets
Facility Services
Global Occupier Services
Investment Management (DTZ Investors)
Project & Development Services
Tenant Representation
Valuation & Advisory
Number of employees
 50,000+
Website http://www.cushmanwakefield.com/

Cushman & Wakefield plc is a global commercial real estate services company. The company's headquarters is located in London, 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 has 48,000 employees.[1][2]

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 at one point had more than 400 offices in more than 70 countries, employing more than 48,000 people.

In the 1960s, Cushman & Wakefield began a national expansion, establishing offices throughout the U.S.[2] In 1969, Media conglomerate RCA acquired Cushman & Wakefield, and subsequently sold its stake to The Rockefeller Group in 1976.[2] In 1989, Mitsubishi Estate Co. Ltd. became the majority shareholder in The Rockefeller Group.[1]

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 real estate services firms in the U.S., Europe, Asia, South America, Mexico, and Canada.

In 2001, Cushman & Wakefield acquired Cushman Realty Corporation (CRC), increasing 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.[3]

IFIL (now known as EXOR), the investment group of the Agnelli family, acquires an approximately 70 percent stake in Cushman & Wakefield becoming the firm's majority shareholders and replacing the Rockefeller Group as majority shareholder of the firm.[4] Cushman & Wakefield carries out a series of acquisitions which include real estate investment banking firm Sonnenblick Goldman, Semco, Alston Nock.

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.[7] The firm now operates under the Cushman & Wakefield brand. The new Cushman & Wakefield is majority owned by an investor group led by TPG, PAG, and OTPP.[8] 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 and approximately 4.3 billion square feet under management.[9]

In October 2017 Chaney Brooks became an alliance partner with Cushman & Wakefield establishing a foothold in the Hawaii & Guam markets by partnering with one of the oldest commercial real estate firms in the islands.[10]

In June 2018 Cushman & Wakefield filed a S1 form with the Securities & Exchange Commission[11] announcing its intent to be listed on the NYSE.[7]

References

  1. 1 2 "Cushman & Wakefield". Encyclopedia.com. 2006. Retrieved 2017-02-07.
  2. 1 2 3 "Acquisition next step in Cushman & Wakefield's storied history". Houston Business Journal. 2015-05-15. Retrieved 2015-02-07.
  3. ↑ "Cushman & Wakefield to Join With Independents". L.A. Times. 2002-01-09. Retrieved 2017-02-07.
  4. ↑ "Agnellis Buy Control Of Cushman & Wakefield". Forbes.com. Retrieved 2015-04-23.
  5. ↑ Grant, Peter (2015-02-24). "Cushman & Wakefield Going Up for Sale". WSJ.com. Retrieved 2015-04-23.
  6. ↑ Grant, Peter (2015-05-11). "TPG-Backed DTZ to Acquire Cushman & Wakefield". WSJ.com. Retrieved 2015-05-11.
  7. 1 2 "TPG-Backed Cushman & Wakefield Files U.S. Public Offering". Bloomberg.com. Retrieved 2018-07-28.
  8. ↑ http://www.cushmanwakefield.com/en/news/2015/09/merger-announcement/
  9. ↑ "Leadership of C&W's Local U.S. Markets Comes Into Focus - CoStar Group". www.costar.com. Retrieved 2015-11-20.
  10. ↑ http://www.cushmanwakefield.com/en/news/2017/10/cw-and-chaneybrooks-forge-an-exclusive-alliance
  11. ↑ "EDGAR Search Results". www.sec.gov. Retrieved 2018-07-28.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.