Cushman & Wakefield (C&W) has announced that it is to expand into a new $900m company by taking over the real estate firm Cushman Realty.
The merged group will employ 965 brokers in 174 offices worldwide, and in 2000 it would have had an aggregate lease and transaction values of US$37bn.
C&W currently manages 28.5m m2 of commercial property worldwide. In 2000, it produced $820m in revenues on 8,845 transactions. Its aggregated lease and sale transaction value currently stands at $32bn, and is expected to grow after the deal by approximately 15%.
Cushman Realty specialises in office leasing and investment sales, which corresponds with C&W’s core businesses. The firm was set up in 1978, and has since completed some of the US’s largest lease and sale transactions, including the leasing of Merrill Lynch’s headquarters in New York.
Cushman Realty was set up by Louis Cushman and John Cushman III, twin grandsons of J Clydesdale Cushman, who founded C&W with Louis’ great uncle Bernard Wakefield. Both Louis and John started their careers at C&W. “The reconnection of our family to Cushman & Wakefield makes this strong business merger all the more personally satisfying for my brother and me,” said Louis Cushman, chairman of the board of Cushman Realty.
Louis is expected to become vice chairman of C&W while John will become chairman of the board of C&W.
