Cushman & Wakefield
| Company type | Public company |
|---|---|
| Industry | Commercial real estate services |
| Founded | October 31, 1917 in New York City, United States |
| Founder | J. Clydesdale Cushman, Bernard Wakefield |
| Headquarters | Chicago , United States |
Area served | Worldwide (60 countries) |
| Products | Commercial real estate services |
| Revenue | US$9.5 billion (2023) |
Number of employees | 52,000 (2023) |
| Website | www |
Cushman & Wakefield Inc. stands as a prominent American multinational firm specializing in commercial real estate services, with its headquarters situated in Chicago, Illinois. Generating revenues of US$9.5 billion in 2023, it ranks among the top global leaders within its sector. The organization maintains roughly 400 offices spread across 60 countries, employs close to 52,000 experts, and oversees management of approximately 5.1 billion square feet of commercial property.
History
Established on October 31, 1917, by brothers-in-law J. Clydesdale Cushman and Bernard Wakefield, the company experienced significant national growth throughout the 1960s. In 1969, RCA acquired the firm, which was subsequently purchased by The Rockefeller Group in 1976. Later, in 1989, Mitsubishi Estate Co. Ltd became the majority stakeholder of The Rockefeller Group.
Cushman & Wakefield entered the European market in 1990 by acquiring Healey & Baker, a company founded in 1910 that specialized in commercial property leasing. By 1994, the firm had developed a global alliance covering regions including the United States, Europe, Asia, South America, Mexico, and Canada.
The acquisition of Cushman Realty Corporation in 2001 enhanced its footprint on the U.S. West Coast and Southwest and reinstated founders John C. Cushman III and Louis B. Cushman as Chairman and Vice Chairman respectively. In 2002, the Alliance Program was launched to extend service capabilities into U.S. markets lacking company-owned offices.
In 2007, EXOR—the investment group owned by the Agnelli family—became the majority shareholder, replacing The Rockefeller Group as the principal investor. That same year saw further expansion through acquisitions such as Sonnenblick Goldman, Semco, and Alston Nock to diversify service offerings.
By early 2015, EXOR enlisted Goldman Sachs and Morgan Stanley to consider selling Cushman & Wakefield. In May of that year, DTZ—supported by private equity firms TPG Capital, PAG Asia Capital, and Ontario Teachers’ Pension Plan (OTPP)—agreed to purchase Cushman & Wakefield for $2 billion. The merger finalized in September 2015 under the Cushman & Wakefield name resulted in a combined entity generating $6 billion in revenue with a workforce of 45,000 employees. During 2016 alone, the company managed over $191 billion in commercial real estate deals and controlled about 4.3 billion square feet of space.
In September 2016, Cushman & Wakefield sold its Business Integration Group subsidiary to Accruent LLC to concentrate more fully on its primary business functions.
The company pursued further strategic partnerships such as the October 2017 alliance with Chaney Brooks aimed at establishing presence in Hawaii and Guam markets.
By March 2018, Cushman & Wakefield’s debt had risen to $3.1 billion with a debt-to-revenue ratio of 44%, surpassing competitors like CBRE Group and JLL.
The firm filed for an initial public offering with the SEC in June 2018 and went public on the New York Stock Exchange on August 2 of that year.
In November 2020, acquiring Triad Commercial Properties bolstered its regional leadership team by adding managing director Tom Townes and vice chairman Hap Royster. Additionally, Chris Cuff was named Regional Executive Director of Commercial Leasing based out of Singapore.
In July 2022, Cushman & Wakefield encountered legal difficulties when held in contempt of court due to noncompliance with subpoenas connected to its longstanding client, the Trump Organization.
See also
External links
- Articles with short description
- Companies traded on the New York Stock Exchange
- Property services firms in the United Kingdom
- Real estate service providers in the United States
- American corporations founded in 1917
- Real estate firms established in 1917
- Canadian real estate companies
- Organizations headquartered in Chicago
- Enterprises located in the City of London
- 1917 foundations in New York City
- Companies with initial public offerings in 2018
- Shopping center management companies
- 4
- American companies established in 1917
- Companies of the United States by year of establishment