Remarkable Real Estate Exclusive: CUSHMAN & WAKEFIELD HISTORY Whom You Know is Pleased to Kick Off Our Coverage of Commercial Real Estate with Cushman and Wakefield!
The Beginning
J.Clydesdale Cushman and Bernard Wakefield founded Cushman & Wakefield as a property management company in New York City on October 31, 1917. Today it is the world's largest privately held real estate services firm. We are so pleased to kick off our coverage of commercial real estate at Whom You Know and are excited to tell you about the latest developments of Cushman and Wakefield, as they evolve.
Their success has been the direct result of the founders' core beliefs, notably a dedication to integrity and commitment to cutting-edge property management. In 1922, Clyde Cushman first shared his principles in a book entitled "Management: How Modern Business Buildings Are Operated." His scientific methods enabled the fledgling young company to become the managing and leasing agent for a number of prominent New York City buildings throughout the 1920s. Additional booklets would follow.
Despite the worldwide economic depression in the 1930s, Cushman & Wakefield continued to grow, earning a reputation as New York's premier real estate firm.
The 1940s saw a new building boom in New York, and Cushman & Wakefield dominated the leasing scene. Perhaps the most prestigious transaction was the 1946 land assemblage for what became the United Nations complex on First Avenue in Manhattan.
National Expansion
From the 1960s to 1980s, Cushman & Wakefield began expanding its service lines and geographic reach. Appraisal and financial services units were added. During this period, the firm played a central role in Chicago's Sears Tower project. They assembled the site, acted as project consultant, and for many years was leasing and management agent for the Tower, then the largest building in the world.
In 1976, The Rockefeller Group acquired the firm from RCA, one of the original and most prominent tenants of Rockefeller Center. Cushman & Wakefield expanded exponentially as a Rockefeller Group company, becoming a full-service real estate company with over 40 offices across the country during the 1980s. In 1989, The Rockefeller Group further strengthened its position in commercial real estate when Mitsubishi Estate Co. Ltd., one of the world's largest real estate companies, became its majority shareholder.
Going Global
Under President and CEO Arthur J. Mirante II, the company began to expand worldwide during the 1990s. The firm purchased an ownership position in Healey & Baker, a European firm, in 1998, following an eight-year strategic alliance. Ownership positions were established in Asia, South America, and Mexico, and a strategic partnership was formed with Royal LePage of Canada. They entered Tokyo's commercial real estate market in 2000.
By the end of 2000, Cushman & Wakefield had 10,000 employees and 145 offices in 46 countries around the world. Other partnership ventures would later be formed in Australia, New Zealand, and Singapore, among other countries. In 2004, Cushman & Wakefield acquired Stiles & Riabokobylko, Russia's leading real estate service provider.
Back to the Future
After more than a decade of international expansion, Cushman & Wakefield began the millennium reexamining its corporate structure and overall American platform. Business lines were streamlined and U.S. Operations President Bruce E. Mosler began vigorous expansion into new U.S. markets.
One of the most significant expansions occurred with the merger of Cushman & Wakefield and Cushman Realty Corporation in 2001. CRC immediately bolstered the presence in the West and Southwest and added a windfall of executive talent, including bringing CRC founders John C. Cushman 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.
The following year the Cushman & Wakefield Alliance program was formed to expand service capabilities for clients in U.S. markets where owned offices were not maintained. In 2003, they established Concordis Real Estate, a corporation wholly owned by independent minority-owned U.S. real estate firms.
On January 1, 2005, U.S. Operations President Bruce E. Mosler succeeded Arthur J. Mirante II as President and CEO. In spring 2005, Cushman & Wakefield sold the MetLife Building at 200 Park Avenue for $1.72 billion, the largest single-building sale in New York City history. That same year, Cushman & Wakefield acquired its affiliate in Russia, establishing Cushman & Wakefield Stiles & Riabokobylko, and its Canadian affiliate, establishing Cushman & Wakefield LePage.
Cushman & Wakefield celebrated its 90th anniversary in 2007, and marked the milestone with further expansion into emerging global markets. Cushman & Wakefield established its own office in Romania, Central Europe’s second biggest market after Poland. The office, Cushman & Wakefield ACTIV Consulting, followed the acquisition of ACTIV Consulting, which had been Cushman & Wakefield’s Associate Office in Romania since the mid-90s.
In April 2007, IFIL – the investment group of the Agnelli family, one of Europe's leading entrepreneurial families – acquired a 70 percent stake in Cushman & Wakefield, thus becoming the firm’s majority shareholder.
Cushman & Wakefield acquired real estate investment banking firm Sonnenblick Goldman in summer 2007. Renamed Cushman & Wakefield Sonnenblick Goldman, the elite debt and equity advisor capitalizes on the established and respected brands of both firms.
In October 2007, Cushman & Wakefield was named the exclusive leasing agent for 1 World Trade Center, the Freedom Tower, by the Port Authority of New York and New Jersey. The Freedom Tower, under construction at the site of the former World Trade Center, will total 2.6 million square feet upon its completion in 2012.
Today, Cushman & Wakefield has more than 13,000 professionals operating in 231 offices in 58 countries around the world. We look forward to updating you on all of their latest developments! Thank you J.P.!
