Cushman & Wakefield plc is a global

commercial real estate Commercial property, also called commercial real estate, investment property or income property, is real estate (buildings or land) intended to generate a profit, either from capital gains or rental income. Commercial property includes office b ...

services firm. The company's corporate headquarters is located in

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

Illinois Illinois ( ) is a state in the Midwestern United States. Its largest metropolitan areas include the Chicago metropolitan area, and the Metro East section, of Greater St. Louis. Other smaller metropolitan areas include, Peoria and Rockf ...

. 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 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 New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...

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 The RCA Corporation was a major American electronics company, which was founded as the Radio Corporation of America in 1919. It was initially a patent trust owned by General Electric (GE), Westinghouse, AT&T Corporation and United Fruit Comp ...

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 Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a subcontinent of Eurasia and it is located entirel ...

Asia Asia (, ) is one of the world's most notable geographical regions, which is either considered a continent in its own right or a subcontinent of Eurasia, which shares the continental landmass of Afro-Eurasia with Africa. Asia covers an are ...

, South America,

Mexico Mexico (Spanish: México), officially the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guatema ...

, and

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...

. 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 The Agnelli family () is an Italian multi-industry business dynasty founded by Giovanni Agnelli, one of the original founders of the Fiat motor company which became Italy's largest automobile manufacturer. They are also primarily known for other a ...

, acquired an approximately 70 percent stake in Cushman & Wakefield becoming the firm's majority shareholders and replacing the

Rockefeller Group Rockefeller Group is an American private company based in New York City, primarily involved in real estate operations in the United States and it is a subsidiary of Mitsubishi Estate Co. The company began with the development of Rockefeller Ce ...

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. Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...

and

Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...

to help look for a buyer for Cushman. On May 11, 2015,

DTZ Debenham Thouard Zadelhoff, known as DTZ, was a European joint venture originated from UK, France and the Netherlands, operating as a commercial real estate services firm. On September 1, 2015, Cushman & Wakefield and DTZ merged. In December 20 ...

, a commercial-real-estate-services firm backed by private-equity giant TPG, PAG Asia Capital, and

Ontario Teachers' Pension Plan The Ontario Teachers' Pension Plan Board (french: Régime de retraite des enseignantes et des enseignants de l'Ontario) is an independent organization responsible for administering defined-benefit pensions for school teachers of the Canadian pr ...

(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 CBRE Group, Inc. is an American commercial real estate services and investment firm. The abbreviation CBRE stands for Coldwell Banker Richard Ellis. It is the world's largest commercial real estate services and investment firm (based on 2021 reven ...

, JLL and

Zillow Zillow Group, Inc., or simply Zillow, is an American tech real-estate marketplace company that was founded in 2006, and was created by Rich Barton and Lloyd Frink, former Microsoft executives and founders of Microsoft spin-off Expedia; Spencer ...

. In June 2018, Cushman & Wakefield filed an S-1 form with the

Securities & Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

announcing its intent to be listed on the

NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its liste ...

. 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 13 November 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 Trump most commonly refers to: * Donald Trump (born 1946), 45th president of the United States (2017–2021) * Trump (card games), any playing card given an ad-hoc high rank Trump may also refer to: Businesses and organizations * Donald J. ...

References

External links

* {{DEFAULTSORT:Cushman and Wakefield Companies listed on the New York Stock Exchange Property services companies of the United Kingdom Real estate services companies of the United States American companies established in 1917 Real estate companies established in 1917 Real estate companies of Canada Companies based in Chicago Companies based in the City of London 1917 establishments in New York City 2018 initial public offerings Shopping center management firms

History

See also

References

External links