Strategic agreement to bolster C&W’s consistent service mix across global platform by boosting Leasing, and Property and Project Management presence in strategic US cities
NEW YORK – August 15, 2012 – Cushman & Wakefield today announced the execution of an agreement to acquire the Atlanta- and Dallas-based third party client services business of Cousins Properties Incorporated (NYSE: CUZ).
The business unit, known as the Client Services Group (CSG) provides third party services to owners of Class A office buildings in Atlanta and Dallas including Leasing, Property Management, and Project Management services.
Under the terms of the agreement, up to 128 professionals will transition from Cousins to Cushman & Wakefield, providing immediate enhanced capabilities for clients supported by the firm’s Investor Services and Leasing groups in two key geographic areas of focus as part of the firm’s strategic growth plan.
Glenn Rufrano, President and CEO of Cushman & Wakefield said, “This move marks a key milestone as we begin the next phase of our strategic growth plan. Integrating such a quality group into our platform enables C&W to continue to balance our service mix across our global platform and provide consistent quality service to our clients.”
“We are very excited about this transaction – we really consider it a partnership – and view this as a win-win for Cousins, C&W, and most importantly, our clients,” said Larry Gellerstedt, President and CEO of Cousins Properties. “This not only ensures that our clients will be part of a broad global platform and can leverage all of the benefits that come with it, but is also consistent with Cousins’ strategic goal of simplification and a heightened focus on our core business.”
CSG’s Property Management, Landlord Leasing and Management services will be integrated into Cushman & Wakefield’s Investor Services division, which is part of the firm’s Corporate Occupier and Investor Services (CIS) group and is a main priority of the firm’s growth plan. CIS currently manages nearly 16,000 properties totaling more than 800 million square feet worldwide, and has recently won major assignments with such firms as Aegon, Clarion Partners and AEW.
Cousins Properties will continue to own and operate its fee business that is not associated with the 3rd Party Client Services Group.
From a leasing perspective, CSG’s seasoned brokerage professionals, strong client relationships and track record of success in both markets, will continue to bolster Cushman & Wakefield’s industry leading Leasing division, which closed nearly 30,000 transactions on behalf of clients last year totaling more than $45 billion in transaction volume worldwide.
The transaction is expected to close by year end, subject to customary conditions and minimum third party consents.
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management globally through its wholly-owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.
Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office and retail projects. Since its founding in 1958, Cousins has developed more than 20 million square feet of office space and 20 million square feet of retail space. The Company also provides leasing and management services to third-party investors.
Cousins has built and maintained an industry-wide reputation for innovative and sustainable developments, premium management services and top quality leadership. The Company creates and maintains value in real estate assets for the benefit of shareholders, partners and clients. Cousins Properties is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ.