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Cushman & Wakefield

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Cushman & Wakefield plc
Company typePublic limited company
Traded asNYSE: CWK
Russell 2000 Index component
ISINGB00BFZ4N465 Edit this on Wikidata
IndustryReal estate
Founded1917
HeadquartersChicago, Illinois, USA
Area servedWorldwide
Key people
ProductsCommercial real estate services
ServicesAgency Leasing
Asset Services
Capital Markets
Facility Services
Global Occupier Services
Investment Management (DTZ Investors)
Project & Development Services
Tenant Representation
Valuation & Advisory
RevenueUS $7.8 billion (2020)
Number of employees50,000+
Websitewww.cushmanwakefield.com
Cushman & Wakefield for lease sign in Canada

Cushman & Wakefield plc is a global commercial real estate services firm. The company's headquarters is located in Chicago, Illinois.

Cushman & Wakefield is among the world's largest commercial real estate services firms, with revenues of US$7.8 billion in 2020. The company operates from approximately 400 offices in 60 countries, has around 50,000 employees and manages about 4.1 billion square feet of commercial space. It is one of the "Big Three" commercial real estate services companies, alongside CBRE and JLL.

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 9 November 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 13 November 2020, Cushman & Wakefield confirmed the hiring of Chris Cuff as Regional Executive Director of Commercial Leasing based in Singapore.

See also

References

  1. http://d18rn0p25nwr6d.cloudfront.net/CIK-0001628369/02a964f3-2eca-49ae-908d-691ac2292f12.pdf
  2. "Cushman & Wakefield's public listing page on Bloomberg.com".
  3. "About Us - Cushman & Wakefield". www.ir.cushmanwakefield.com. Retrieved 2020-08-24.
  4. ^ "Acquisition next step in Cushman & Wakefield's storied history". Houston Business Journal. 2015-05-15. Retrieved 2015-02-07.
  5. "Cushman & Wakefield". Encyclopedia.com. 2006. Retrieved 2017-02-07.
  6. "Cushman & Wakefield to Join With Independents". L.A. Times. 2002-01-09. Retrieved 2017-02-07.
  7. "Agnellis Buy Control Of Cushman & Wakefield". Forbes.com. Retrieved 2015-04-23.
  8. "Cushman & Wakefield Buys Sonnenblick-Goldman". Observer. 2007-05-31. Retrieved 2019-05-11.
  9. "Cushman & Wakefield acquires niche practice Alston Nock". EGi. Retrieved 2019-05-11.
  10. "Company History". www.cushmanwakefield.com.br. Retrieved 2019-05-11.
  11. Grant, Peter (2015-02-24). "Cushman & Wakefield Going Up for Sale". WSJ.com. Retrieved 2015-04-23.
  12. "Exor closes $2 bln sale of Cushman & Wakefield to DTZ". Reuters. 2015-09-02. Retrieved 2019-05-13.
  13. Grant, Peter (2015-05-11). "TPG-Backed DTZ to Acquire Cushman & Wakefield". WSJ.com. Retrieved 2015-05-11.
  14. ^ "TPG-Backed Cushman & Wakefield Files U.S. Public Offering". Bloomberg.com. Retrieved 2018-07-28.
  15. "Archived copy". Archived from the original on 2015-09-04. Retrieved 2015-09-21.{{cite web}}: CS1 maint: archived copy as title (link)
  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 2018-07-30. Retrieved 2019-04-11.
  18. Volkman, Eric (2018-07-26). "Cushman & Wakefield IPO: What Investors Need to Know -". The Motley Fool. Retrieved 2019-05-19.
  19. "EDGAR Search Results". www.sec.gov. Retrieved 2018-07-28.
  20. "Real Estate Giant Cushman & Wakefield Climbs After IPO". Bloomberg.com. 2018-08-02. Retrieved 2020-09-06.
  21. Warfield, Andy (9 November 2020). "Triad Commercial Properties acquired by Cushman & Wakefield". bizjournals. Retrieved 14 November 2020.
  22. Brasier, John (11 November 2020). "Triad Commercial Properties founders explain decision to join Cushman & Wakefield". bizjournals. Retrieved 14 November 2020.
  23. Caillavet, Christopher (13 November 2020). "CUFF REJOINS C&W IN SINGAPORE TO HELP LEAD REGIONAL LEASING". Mingtiandi. Retrieved 14 November 2020.

External links

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