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{{Use mdy dates|date=May 2023}}
{{short description|Global commercial real estate services firm}} {{short description|Global commercial real estate services firm}}
{{Infobox company {{Infobox company
| name = Cushman & Wakefield plc | name = Cushman & Wakefield Inc.
| logo = Cushman & Wakefield logo.svg | logo = Cushman & Wakefield logo.svg
| type = ] | type = ]
| traded_as = {{unbulleted list|{{NYSE|CWK}}|] component}} | traded_as = {{unbulleted list|{{NYSE|CWK}}|] component|] component}}
| area_served = Worldwide | area_served = Worldwide
| key_people = {{unbulleted list|John Forrester|(])|Michelle MacKay|(])|Andrew McDonald| | key_people = {{unbulleted list|Brett White (])|Michelle MacKay (])|Andrew McDonald (] & ])}}
| industry = Real estate
(])}}Neil Johnston (])
| industry = ]
| products = Commercial real estate services | products = Commercial real estate services
| services = {{unbulleted list|Agency Leasing| Asset Services| Capital Markets| Facility Services| Global Occupier Services| Investment Management (DTZ Investors)| Project & Development Services| Tenant Representation| Valuation & Advisory}} | services = {{unbulleted list|Agency Leasing| Asset Services| Capital Markets| Facility Services| Global Occupier Services| Investment Management (DTZ Investors)| Project & Development Services| Tenant Representation| Valuation & Advisory}}
| revenue = {{increase}} {{US$|9.39 billion|link=yes}} | revenue = {{decrease}} {{US$|9.49 billion|link=yes}}
| revenue_year = 2021 | revenue_year = 2023
| operating_income = {{increase}} {{US$|497 million}} | operating_income = {{decrease}} {{US$|206 million}}
| income_year = 2021 | income_year = 2023
| net_income = {{increase}} {{US$|25 million}} | net_income = {{decrease}} {{US$|−35 million}}
| net_income_year = 2021 | net_income_year = 2023
| assets = {{increase}} {{US$|7.89 billion}} | assets = {{decrease}} {{US$|7.77 billion}}
| assets_year = 2021 | assets_year = 2023
| equity = {{increase}} {{US$|1.45 billion}} | equity = {{increase}} {{US$|1.68 billion}}
| equity_year = 2021 | equity_year = 2023
| num_employees = {{circa|50,000}} | num_employees = {{circa|52,000}}
| num_employees_year = 2021 | num_employees_year = 2023
| foundation = {{Start date and age|1917}} | foundation = {{Start date and age|1917}}
| location = ], ], U.S. | location = Chicago, Illinois, U.S.
| homepage = {{url|cushmanwakefield.com}} | homepage = {{url|cushmanwakefield.com}}
| footnotes = <ref name=10K>{{cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1628369/000162836922000011/cwk-20211231.htm |title=Cushman & Wakefield plc 2021 Annual Report (Form 10-K) |date=2022-02-25 |publisher=]}}</ref> | footnotes = <ref name=10K>{{cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1628369/000162836924000005/cwk-20231231.htm |title=Cushman & Wakefield plc 2023 Annual Report (Form 10-K) |date=February 21, 2024 |publisher=]}}</ref>
}} }}
] ]
'''Cushman & Wakefield plc''' is a global ] services firm.{{r|10K}} The company's corporate headquarters is located in ], ].<ref>{{Cite web|title = Cushman & Wakefield's public listing page on Bloomberg.com | website=] |url = https://www.bloomberg.com/quote/CWK:US}}</ref> '''Cushman & Wakefield Inc.''' is an American global ] services firm.{{r|10K}} The company's corporate headquarters is located in Chicago, Illinois.<ref>{{Cite web|title = Cushman & Wakefield's public listing page on Bloomberg.com | website=] |url = https://www.bloomberg.com/quote/CWK:US}}</ref>


Cushman & Wakefield is among the world's largest ] services firms, with revenues of US$9.4 billion in 2021. The company operates from approximately 400 offices in 60 countries, has around 50,000 employees and manages about {{convert|4100|e6sqft|abbr=unit}} of commercial space.<ref>{{Cite web|url=http://ir.cushmanwakefield.com/about-us/default.aspx|title=About Us - Cushman & Wakefield|website=www.ir.cushmanwakefield.com|access-date=2020-08-24}}</ref><!-- Deleted image removed: ] --> It is one of the "Big Three" commercial real estate services companies, alongside ] and ]. Cushman & Wakefield is among the world's largest commercial real estate services firms, with revenues of US$9.5 billion in 2023. The company operates from approximately 400 offices in 60 countries, has around 52,000 employees and manages about {{convert|5100|e6sqft|abbr=unit}} of commercial space.<ref>{{Cite web|url=http://ir.cushmanwakefield.com/about-us/default.aspx|title=About Us - Cushman & Wakefield|website=www.ir.cushmanwakefield.com|access-date=August 24, 2020}}</ref><!-- Deleted image removed: ] -->


==History== ==History==
Cushman & Wakefield was founded in ] on October 31, 1917, by brothers-in-law J. Clydesdale Cushman and Bernard Wakefield. Cushman & Wakefield was founded in New York City on October 31, 1917, by brothers-in-law J. Clydesdale Cushman and Bernard Wakefield.


In the 1960s, Cushman & Wakefield began a national expansion, establishing offices throughout the U.S.<ref name="HoustonBJHistory">{{cite web|url=http://www.bizjournals.com/houston/print-edition/2015/05/15/acquisition-next-step-in-cushman-wakefield-s.html|title=Acquisition next step in Cushman & Wakefield's storied history|date=2015-05-15|publisher=Houston Business Journal|access-date=2015-02-07}}</ref> In the 1960s, Cushman & Wakefield began a national expansion, establishing offices throughout the U.S.<ref name="HoustonBJHistory">{{cite web|url=http://www.bizjournals.com/houston/print-edition/2015/05/15/acquisition-next-step-in-cushman-wakefield-s.html|title=Acquisition next step in Cushman & Wakefield's storied history|date=May 15, 2015|publisher=Houston Business Journal|access-date=February 7, 2015}}</ref>


In 1969, ] acquired Cushman & Wakefield, selling its stake to ] in 1976.<ref name="HoustonBJHistory" /> In 1969, ] acquired Cushman & Wakefield, selling its stake to ] in 1976.<ref name="HoustonBJHistory" />


In 1989, ]. became the majority shareholder in The Rockefeller Group.<ref name="encyclopediaHistory">{{cite web|url=http://www.encyclopedia.com/books/politics-and-business-magazines/cushman-wakefield-inc|title=Cushman & Wakefield|date=2006|publisher=Encyclopedia.com|access-date=2017-02-07}}</ref> In 1989, ]. became the majority shareholder in The Rockefeller Group.<ref name="encyclopediaHistory">{{cite web|url=http://www.encyclopedia.com/books/politics-and-business-magazines/cushman-wakefield-inc|title=Cushman & Wakefield|date=2006|publisher=Encyclopedia.com|access-date=February 7, 2017}}</ref>


In 1990, a presence in Europe was established through the acquisition of Healey & Baker. George Healey founded the firm in 1910, taking building leases near Regent's Park during the construction of Regent Street. He was joined by partner George Henry Baker, who joined the firm in 1910, and whose name was added to the firm's in 1920. Baker initiated the firm's focus on commercial property. In 1990, a presence in Europe was established through the acquisition of Healey & Baker. George Healey founded the firm in 1910, taking building leases near Regent's Park during the construction of Regent Street. He was joined by partner George Henry Baker, who joined the firm in 1910, and whose name was added to the firm's in 1920. Baker initiated the firm's focus on commercial property.


In 1994, C&W worldwide partnership was established with real estate services firms in the U.S., ], ], South America, ], and ]. 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 ] 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. In 2001, Cushman & Wakefield acquired Cushman Realty Corporation (CRC), increasing its presence on the West Coast and Southwest United States, bringing CRC founders ] 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.


In 2002, the Cushman & Wakefield Alliance Program was formed to expand service capabilities for clients in U.S. markets where owned offices were not maintained.<ref>{{cite web|url=http://articles.latimes.com/2002/jan/29/business/fi-combrfs29 |title=Cushman & Wakefield to Join With Independents|publisher=L.A. Times |date=2002-01-09 |access-date=2017-02-07}}</ref> In 2002, the Cushman & Wakefield Alliance Program was formed to expand service capabilities for clients in U.S. markets where owned offices were not maintained.<ref>{{cite web|url=https://www.latimes.com/archives/la-xpm-2002-jan-29-fi-combrfs29-story.html |title=Cushman & Wakefield to Join With Independents|publisher=L.A. Times |date=January 9, 2002 |access-date=February 7, 2017}}</ref>


In 2007, IFIL (now known as ]), the investment group of the ], acquired an approximately 70 percent stake in Cushman & Wakefield becoming the firm's majority shareholders and replacing the ] as majority shareholder of the firm.<ref>{{cite web|url=https://www.forbes.com/2006/12/19/ifil-cushman-wakefield-markets-equity-cx_mk_1219markets13.html |title=Agnellis Buy Control Of Cushman & Wakefield |work=Forbes.com |access-date=2015-04-23}}</ref> That same year, Cushman & Wakefield carried out a series of acquisitions which include real estate investment banking firm Sonnenblick Goldman,<ref>{{Cite web|url=https://observer.com/2007/05/cushman-wakefield-buys-sonnenblickgoldman/|title=Cushman & Wakefield Buys Sonnenblick-Goldman|date=2007-05-31|website=Observer|language=en|access-date=2019-05-11}}</ref> Semco, Alston Nock.<ref>{{Cite web|url=https://www.egi.co.uk/news/cushman-wakefield-acquires-niche-practice-alston-nock/|title=Cushman & Wakefield acquires niche practice Alston Nock|website=EGi|language=en-US|access-date=2019-05-11}}</ref><ref>{{Cite web|url=http://www.cushmanwakefield.com.br/en/about-us/company-history|title=Company History|website=www.cushmanwakefield.com.br|language=en|access-date=2019-05-11}}</ref> In 2007, IFIL (now known as ]), the investment group of the ], acquired an approximately 70 percent stake in Cushman & Wakefield becoming the firm's majority shareholders and replacing the ] as majority shareholder of the firm.<ref>{{cite web|url=https://www.forbes.com/2006/12/19/ifil-cushman-wakefield-markets-equity-cx_mk_1219markets13.html |title=Agnellis Buy Control Of Cushman & Wakefield |work=Forbes.com |access-date=April 23, 2015}}</ref> That same year, Cushman & Wakefield carried out a series of acquisitions which include real estate investment banking firm Sonnenblick Goldman,<ref>{{Cite web|url=https://observer.com/2007/05/cushman-wakefield-buys-sonnenblickgoldman/|title=Cushman & Wakefield Buys Sonnenblick-Goldman|date=May 31, 2007|website=Observer|language=en|access-date=May 11, 2019}}</ref> Semco, Alston Nock.<ref>{{Cite web|url=https://www.egi.co.uk/news/cushman-wakefield-acquires-niche-practice-alston-nock/|title=Cushman & Wakefield acquires niche practice Alston Nock|website=EGi|language=en-US|access-date=May 11, 2019}}</ref><ref>{{Cite web|url=http://www.cushmanwakefield.com.br/en/about-us/company-history|title=Company History|website=www.cushmanwakefield.com.br|language=en|access-date=May 11, 2019}}</ref>


On February 24, 2015, it was confirmed that Exor SpA had approved management's hiring of ] and ] to help look for a buyer for Cushman.<ref>{{cite web|last=Grant |first=Peter |url=https://www.wsj.com/articles/cushman-wakefield-going-up-for-sale-1424820846 |title=Cushman & Wakefield Going Up for Sale |publisher=WSJ.com |date=2015-02-24 |access-date=2015-04-23}}</ref> On February 24, 2015, it was confirmed that Exor SpA had approved management's hiring of ] and ] to help look for a buyer for Cushman.<ref>{{cite web|last=Grant |first=Peter |url=https://www.wsj.com/articles/cushman-wakefield-going-up-for-sale-1424820846 |title=Cushman & Wakefield Going Up for Sale |publisher=WSJ.com |date=February 24, 2015 |access-date=April 23, 2015}}</ref>


On May 11, 2015, ], a commercial-real-estate-services firm backed by private-equity giant ], ], and ] (OTTP),<ref>{{Cite news|url=https://www.reuters.com/article/exor-cushman-sale-closing-idUSI6N10H01620150902|title=Exor closes $2 bln sale of Cushman & Wakefield to DTZ|date=2015-09-02|work=Reuters|access-date=2019-05-13|language=en}}</ref> agreed to buy Cushman & Wakefield Inc. for $2 billion.<ref>{{cite web|last=Grant |first=Peter |url=https://www.wsj.com/articles/tpg-backed-dtz-to-acquire-cushman-wakefield-1431317451 |title=TPG-Backed DTZ to Acquire Cushman & Wakefield |publisher=WSJ.com |date=2015-05-11 |access-date=2015-05-11}}</ref> On May 11, 2015, ], a commercial-real-estate-services firm backed by private-equity giant ], ], and ] (OTTP),<ref>{{Cite news|url=https://www.reuters.com/article/exor-cushman-sale-closing-idUSI6N10H01620150902|title=Exor closes $2 bln sale of Cushman & Wakefield to DTZ|date=September 2, 2015|work=Reuters|access-date=May 13, 2019|language=en}}</ref> agreed to buy Cushman & Wakefield Inc. for $2 billion.<ref>{{cite web|last=Grant |first=Peter |url=https://www.wsj.com/articles/tpg-backed-dtz-to-acquire-cushman-wakefield-1431317451 |title=TPG-Backed DTZ to Acquire Cushman & Wakefield |publisher=WSJ.com |date=May 11, 2015 |access-date=May 11, 2015}}</ref>


On September 1, 2015, Cushman & Wakefield and DTZ merged.<ref name="Bloomberg.com">{{Cite news|url=https://www.bloomberg.com/news/articles/2018-06-20/cushman-wakefield-files-for-u-s-ipo|title=TPG-Backed Cushman & Wakefield Files U.S. Public Offering|work=Bloomberg.com|access-date=2018-07-28|language=en}}</ref> The firm now operates under the Cushman & Wakefield brand. The new Cushman & Wakefield is majority owned by an investor group led by ], ], and OTPP.<ref>{{Cite web |url=http://www.cushmanwakefield.com/en/news/2015/09/merger-announcement/ |title=Cushman & Wakefield and DTZ Announce Completion of Merger - Cushman & Wakefield |access-date=2015-09-21 |archive-url=https://web.archive.org/web/20150904212328/http://www.cushmanwakefield.com/en/news/2015/09/merger-announcement/ |archive-date=2015-09-04 |url-status=dead }}</ref> The two companies combined 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.<ref>{{Cite news | url=https://www.chicagotribune.com/business/columnists/ct-biz-cushman-wakefield-shakeup-ryan-ori-20171129-story.html | title=Fast-growing Cushman & Wakefield shakes up executive team | work=] | date=November 30, 2017}}</ref> On September 1, 2015, Cushman & Wakefield and DTZ merged.<ref name="Bloomberg.com">{{Cite news|url=https://www.bloomberg.com/news/articles/2018-06-20/cushman-wakefield-files-for-u-s-ipo|title=TPG-Backed Cushman & Wakefield Files U.S. Public Offering|work=Bloomberg.com|access-date=July 28, 2018|language=en}}</ref> The firm now operates under the Cushman & Wakefield brand. The new Cushman & Wakefield is majority owned by an investor group led by ], ], and OTPP.<ref>{{Cite web |url=http://www.cushmanwakefield.com/en/news/2015/09/merger-announcement/ |title=Cushman & Wakefield and DTZ Announce Completion of Merger - Cushman & Wakefield |access-date=September 21, 2015 |archive-url=https://web.archive.org/web/20150904212328/http://www.cushmanwakefield.com/en/news/2015/09/merger-announcement/ |archive-date=September 4, 2015 |url-status=dead }}</ref> The two companies combined 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.<ref>{{Cite news | url=https://www.chicagotribune.com/business/columnists/ct-biz-cushman-wakefield-shakeup-ryan-ori-20171129-story.html | title=Fast-growing Cushman & Wakefield shakes up executive team | work=] | date=November 30, 2017}}</ref>


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.<ref>{{Cite web|url=http://www.cushmanwakefield.com/en/news/2017/10/cw-and-chaneybrooks-forge-an-exclusive-alliance|title=Cushman & Wakefield and ChaneyBrooks Forge an Exclusive Alliance in Hawaii and Guam|website=www.cushmanwakefield.com|language=en|access-date=2019-04-11|archive-url=https://web.archive.org/web/20180730093133/http://www.cushmanwakefield.com/en/news/2017/10/cw-and-chaneybrooks-forge-an-exclusive-alliance|archive-date=2018-07-30|url-status=dead}}</ref> 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.<ref>{{Cite web|url=http://www.cushmanwakefield.com/en/news/2017/10/cw-and-chaneybrooks-forge-an-exclusive-alliance|title=Cushman & Wakefield and ChaneyBrooks Forge an Exclusive Alliance in Hawaii and Guam|website=www.cushmanwakefield.com|language=en|access-date=April 11, 2019|archive-url=https://web.archive.org/web/20180730093133/http://www.cushmanwakefield.com/en/news/2017/10/cw-and-chaneybrooks-forge-an-exclusive-alliance|archive-date=July 30, 2018|url-status=dead}}</ref>


In March 2018, Cushman & Wakefield had debts amounting to $3.1 billion, an increase of $300 million compared with the end of 2017. The company had a debt-annual revenue ratio of 44%, which was higher than that of its competitors ], ] and ].<ref>{{Cite web|url=https://www.fool.com/investing/2018/07/26/cushman-wakefield-ipo-what-investors-need-to-know.aspx|title=Cushman & Wakefield IPO: What Investors Need to Know -|last=Volkman|first=Eric|date=2018-07-26|website=The Motley Fool|language=en|access-date=2019-05-19}}</ref> In March 2018, Cushman & Wakefield had debts amounting to $3.1 billion, an increase of $300 million compared with the end of 2017. The company had a debt-annual revenue ratio of 44%, which was higher than that of its competitors ], ] and ].<ref>{{Cite web|url=https://www.fool.com/investing/2018/07/26/cushman-wakefield-ipo-what-investors-need-to-know.aspx|title=Cushman & Wakefield IPO: What Investors Need to Know -|last=Volkman|first=Eric|date=July 26, 2018|website=The Motley Fool|language=en|access-date=May 19, 2019}}</ref>


In June 2018, Cushman & Wakefield filed an S-1 form with the ]<ref>{{Cite web|url=https://www.sec.gov/cgi-bin/browse-edgar?company=DTZ&owner=exclude&action=getcompany|title=EDGAR Search Results|website=www.sec.gov|access-date=2018-07-28}}</ref> announcing its intent to be listed on the ].<ref name="Bloomberg.com"/> It became listed on the New York Stock Exchange on August 2, 2018.<ref>{{Cite news|date=2018-08-02|title=Real Estate Giant Cushman & Wakefield Climbs After IPO|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2018-08-02/real-estate-giant-cushman-wakefield-climbs-after-ipo|access-date=2020-09-06}}</ref> In June 2018, Cushman & Wakefield filed an S-1 form with the ]<ref>{{Cite web|url=https://www.sec.gov/cgi-bin/browse-edgar?company=DTZ&owner=exclude&action=getcompany|title=EDGAR Search Results|website=www.sec.gov|access-date=July 28, 2018}}</ref> announcing its intent to be listed on the ].<ref name="Bloomberg.com"/> It became listed on the New York Stock Exchange on August 2, 2018.<ref>{{Cite news|date=August 2, 2018|title=Real Estate Giant Cushman & Wakefield Climbs After IPO|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2018-08-02/real-estate-giant-cushman-wakefield-climbs-after-ipo|access-date=September 6, 2020}}</ref>


On November 9, 2020, Cushman & Wakefield purchased significantly all of the holdings of Triad Commercial Properties.<ref>{{Cite web|last=Warfield|first=Andy|date=9 November 2020|title=Triad Commercial Properties acquired by Cushman & Wakefield|url=https://www.bizjournals.com/triad/news/2020/11/09/cushman-wakefield-buys-triad-cre-firm.html|access-date=14 November 2020|website=bizjournals}}</ref> Tom Townes will be the managing director and Hap Royster will be the vice chairman of Cushman & Wakefield.<ref>{{Cite web|last=Brasier|first=John|date=11 November 2020|title=Triad Commercial Properties founders explain decision to join Cushman & Wakefield|url=https://www.bizjournals.com/triad/news/2020/11/11/founders-explain-triad-commercial-decision.html|access-date=14 November 2020|website=bizjournals}}</ref> On 13 November 2020, Cushman & Wakefield confirmed the hiring of Chris Cuff as Regional Executive Director of Commercial Leasing based in Singapore.<ref>{{Cite web|last=Caillavet|first=Christopher|date=13 November 2020|title=CUFF REJOINS C&W IN SINGAPORE TO HELP LEAD REGIONAL LEASING|url=https://www.mingtiandi.com/real-estate/agencies-people/chris-cuff-rejoins-cushman-wakefield-in-singapore/|access-date=14 November 2020|website=Mingtiandi}}</ref> On November 9, 2020, Cushman & Wakefield purchased significantly all of the holdings of Triad Commercial Properties.<ref>{{Cite web|last=Warfield|first=Andy|date=November 9, 2020|title=Triad Commercial Properties acquired by Cushman & Wakefield|url=https://www.bizjournals.com/triad/news/2020/11/09/cushman-wakefield-buys-triad-cre-firm.html|access-date=November 14, 2020|website=bizjournals}}</ref> Tom Townes will be the managing director and Hap Royster will be the vice chairman of Cushman & Wakefield.<ref>{{Cite web|last=Brasier|first=John|date=November 11, 2020|title=Triad Commercial Properties founders explain decision to join Cushman & Wakefield|url=https://www.bizjournals.com/triad/news/2020/11/11/founders-explain-triad-commercial-decision.html|access-date=November 14, 2020|website=bizjournals}}</ref> On November 13, 2020, Cushman & Wakefield confirmed the hiring of Chris Cuff as Regional Executive Director of Commercial Leasing based in Singapore.<ref>{{Cite web|last=Caillavet|first=Christopher|date=November 13, 2020|title=CUFF REJOINS C&W IN SINGAPORE TO HELP LEAD REGIONAL LEASING|url=https://www.mingtiandi.com/real-estate/agencies-people/chris-cuff-rejoins-cushman-wakefield-in-singapore/|access-date=November 14, 2020|website=Mingtiandi}}</ref>


On July 6, 2022, it was held in contempt of court for failing to comply with subpoenas for documents pertaining to its longtime client, the ].<ref>{{Cite web |last=CNN |first=Kara Scannell |title=NY judge holds Trump appraiser in contempt, fines it $10,000 a day |url=https://www.cnn.com/2022/07/06/politics/trump-appraiser-cushman-wakefield/index.html |access-date=2022-07-06 |website=CNN|date=6 July 2022 }}</ref> On July 6, 2022, it was held in contempt of court for failing to comply with subpoenas for documents pertaining to its longtime client, the ].<ref>{{Cite web |author=Kara Scannell |title=NY judge holds Trump appraiser in contempt, fines it $10,000 a day |url=https://www.cnn.com/2022/07/06/politics/trump-appraiser-cushman-wakefield/index.html |access-date=July 6, 2022 |website=CNN|date=July 6, 2022 }}</ref>


==See also== ==See also==
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==External links== ==External links==
*{{Official website|https://www.cushmanwakefield.com/}}
{{Finance links {{Finance links
| name = Cushman & Wakefield plc | name = Cushman & Wakefield plc
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| google = CWK | google = CWK
}} }}



{{Authority control}} {{Authority control}}

Latest revision as of 03:36, 14 August 2024

Global commercial real estate services firm
Cushman & Wakefield Inc.
Company typePublic
Traded as
ISINGB00BFZ4N465 Edit this on Wikidata
IndustryReal estate
Founded1917; 107 years ago (1917)
HeadquartersChicago, Illinois, U.S.
Area servedWorldwide
Key people
ProductsCommercial 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
RevenueDecrease US$9.49 billion (2023)
Operating incomeDecrease US$206 million (2023)
Net incomeDecrease US$−35 million (2023)
Total assetsDecrease US$7.77 billion (2023)
Total equityIncrease US$1.68 billion (2023)
Number of employeesc. 52,000 (2023)
Websitecushmanwakefield.com
Footnotes / references
Cushman & Wakefield for lease sign in Canada

Cushman & Wakefield Inc. is an American global commercial real estate services firm. The company's corporate headquarters is located in Chicago, Illinois.

Cushman & Wakefield is among the world's largest commercial real estate services firms, with revenues of US$9.5 billion in 2023. The company operates from approximately 400 offices in 60 countries, has around 52,000 employees and manages about 5,100 million sq ft (470 million m) of commercial space.

History

Cushman & Wakefield was founded in New York City on October 31, 1917, by brothers-in-law J. Clydesdale Cushman and Bernard Wakefield.

In the 1960s, Cushman & Wakefield began a national expansion, establishing offices throughout the U.S.

In 1969, RCA acquired Cushman & Wakefield, selling 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. George Healey founded the firm in 1910, taking building leases near Regent's Park during the construction of Regent Street. He was joined by partner George Henry Baker, who joined the firm in 1910, and whose name was added to the firm's in 1920. Baker initiated the firm's focus on commercial property.

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.

In 2002, the Cushman & Wakefield Alliance Program was formed to expand service capabilities for clients in U.S. markets where owned offices were not maintained.

In 2007, IFIL (now known as EXOR), the investment group of the Agnelli family, acquired 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. That same year, Cushman & Wakefield carried out a series of acquisitions which include real estate investment banking firm Sonnenblick Goldman, Semco, Alston Nock.

On February 24, 2015, it was confirmed that Exor SpA had 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, PAG Asia Capital, and Ontario Teachers' Pension Plan (OTTP), 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. The new Cushman & Wakefield is majority owned by an investor group led by TPG, PAG, and OTPP. The two companies combined 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.

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.

In March 2018, Cushman & Wakefield had debts amounting to $3.1 billion, an increase of $300 million compared with the end of 2017. The company had a debt-annual revenue ratio of 44%, which was higher than that of its competitors CBRE Group, JLL and Zillow.

In June 2018, Cushman & Wakefield filed an S-1 form with the Securities & Exchange Commission announcing its intent to be listed on the NYSE. It became listed on the New York Stock Exchange on August 2, 2018.

On November 9, 2020, Cushman & Wakefield purchased significantly all of the holdings of Triad Commercial Properties. Tom Townes will be the managing director and Hap Royster will be the vice chairman of Cushman & Wakefield. On November 13, 2020, Cushman & Wakefield confirmed the hiring of Chris Cuff as Regional Executive Director of Commercial Leasing based in Singapore.

On July 6, 2022, it was held in contempt of court for failing to comply with subpoenas for documents pertaining to its longtime client, the Trump Organization.

See also

References

  1. ^ "Cushman & Wakefield plc 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 21, 2024.
  2. "Cushman & Wakefield's public listing page on Bloomberg.com". Bloomberg News.
  3. "About Us - Cushman & Wakefield". www.ir.cushmanwakefield.com. Retrieved August 24, 2020.
  4. ^ "Acquisition next step in Cushman & Wakefield's storied history". Houston Business Journal. May 15, 2015. Retrieved February 7, 2015.
  5. "Cushman & Wakefield". Encyclopedia.com. 2006. Retrieved February 7, 2017.
  6. "Cushman & Wakefield to Join With Independents". L.A. Times. January 9, 2002. Retrieved February 7, 2017.
  7. "Agnellis Buy Control Of Cushman & Wakefield". Forbes.com. Retrieved April 23, 2015.
  8. "Cushman & Wakefield Buys Sonnenblick-Goldman". Observer. May 31, 2007. Retrieved May 11, 2019.
  9. "Cushman & Wakefield acquires niche practice Alston Nock". EGi. Retrieved May 11, 2019.
  10. "Company History". www.cushmanwakefield.com.br. Retrieved May 11, 2019.
  11. Grant, Peter (February 24, 2015). "Cushman & Wakefield Going Up for Sale". WSJ.com. Retrieved April 23, 2015.
  12. "Exor closes $2 bln sale of Cushman & Wakefield to DTZ". Reuters. September 2, 2015. Retrieved May 13, 2019.
  13. Grant, Peter (May 11, 2015). "TPG-Backed DTZ to Acquire Cushman & Wakefield". WSJ.com. Retrieved May 11, 2015.
  14. ^ "TPG-Backed Cushman & Wakefield Files U.S. Public Offering". Bloomberg.com. Retrieved July 28, 2018.
  15. "Cushman & Wakefield and DTZ Announce Completion of Merger - Cushman & Wakefield". Archived from the original on September 4, 2015. Retrieved September 21, 2015.
  16. "Fast-growing Cushman & Wakefield shakes up executive team". Chicago Tribune. November 30, 2017.
  17. "Cushman & Wakefield and ChaneyBrooks Forge an Exclusive Alliance in Hawaii and Guam". www.cushmanwakefield.com. Archived from the original on July 30, 2018. Retrieved April 11, 2019.
  18. Volkman, Eric (July 26, 2018). "Cushman & Wakefield IPO: What Investors Need to Know -". The Motley Fool. Retrieved May 19, 2019.
  19. "EDGAR Search Results". www.sec.gov. Retrieved July 28, 2018.
  20. "Real Estate Giant Cushman & Wakefield Climbs After IPO". Bloomberg.com. August 2, 2018. Retrieved September 6, 2020.
  21. Warfield, Andy (November 9, 2020). "Triad Commercial Properties acquired by Cushman & Wakefield". bizjournals. Retrieved November 14, 2020.
  22. Brasier, John (November 11, 2020). "Triad Commercial Properties founders explain decision to join Cushman & Wakefield". bizjournals. Retrieved November 14, 2020.
  23. Caillavet, Christopher (November 13, 2020). "CUFF REJOINS C&W IN SINGAPORE TO HELP LEAD REGIONAL LEASING". Mingtiandi. Retrieved November 14, 2020.
  24. Kara Scannell (July 6, 2022). "NY judge holds Trump appraiser in contempt, fines it $10,000 a day". CNN. Retrieved July 6, 2022.

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