Cushman & Wakefield to be sold for $2B

Cushman & Wakefield | Thalhimer is based out of  Short Pump. Photo by Katie Demeria.

Cushman & Wakefield | Thalhimer is based out of Short Pump. Photo by Katie Demeria.

A massive deal between two national real estate brokerages will have some trickle-down effect on one of the biggest names in commercial real estate in Richmond.

But the pending $2 billion deal for Cushman & Wakefield to be acquired by Chicago-based DTZ should be a positive step for Richmond’s Cushman & Wakefield | Thalhimer.

“It is a big deal,” said Lee Warfield, president of Thalhimer. “We see it as a hugely positive move for us and our clients. It’s a marriage of two very powerful firms.”

DTZ announced on Monday that it would purchase Cushman & Wakefield in a deal that will put the combined firms in the top three commercial brokerages and will allow the Cushman & Wakefield brand to live on.

“Certainly it is a lot easier to keep operating under the same name,” Warfield said. “The Cushman name is a tremendously well-respected brand in the industry. It’s been around for close to 100 years. It was natural for the merged entity to maintain that name.”

Warfield, who has been with the company for more than 20 years, was with Thalhimer when it first bought into Cushman & Wakefield about 12 years ago. He said this newly announced merger will have a similar impact, allowing brokers to give clients broader coverage across the world.

Both DTZ and Cushman have a strong international presence but cover different geographic regions. Warfield said Thalhimer will have better representation in Asian markets, for example, with DTZ behind it.

DTZ currently has 260 offices in 50 countries with 28,000 employees. Together, the two companies will have annual revenues of $5.5 billion, 43,000 employees and will manage more than 4 billion square feet throughout the world.

CBRE and JLL brought in $9 billion and $4.7 billion in revenue in 2014, respectively.

The Italian firm EXOR currently holds a controlling ownership stake in Cushman & Wakefield. DTZ’s owners include private investment firms TPG Capital, PAG Asia Capital and the Ontario Teachers’ Pension Plan, one of Canada’s largest pension plans.

Thalhimer is Richmond’s largest commercial real estate broker in terms of employee headcount. It has 290 employees and 41 brokers, according to a recent BizSense ranking. Its nearest local rivals are CBRE | Richmond and Commonwealth Commercial.

Cushman & Wakefield | Thalhimer is based out of  Short Pump. Photo by Katie Demeria.

Cushman & Wakefield | Thalhimer is based out of Short Pump. Photo by Katie Demeria.

A massive deal between two national real estate brokerages will have some trickle-down effect on one of the biggest names in commercial real estate in Richmond.

But the pending $2 billion deal for Cushman & Wakefield to be acquired by Chicago-based DTZ should be a positive step for Richmond’s Cushman & Wakefield | Thalhimer.

“It is a big deal,” said Lee Warfield, president of Thalhimer. “We see it as a hugely positive move for us and our clients. It’s a marriage of two very powerful firms.”

DTZ announced on Monday that it would purchase Cushman & Wakefield in a deal that will put the combined firms in the top three commercial brokerages and will allow the Cushman & Wakefield brand to live on.

“Certainly it is a lot easier to keep operating under the same name,” Warfield said. “The Cushman name is a tremendously well-respected brand in the industry. It’s been around for close to 100 years. It was natural for the merged entity to maintain that name.”

Warfield, who has been with the company for more than 20 years, was with Thalhimer when it first bought into Cushman & Wakefield about 12 years ago. He said this newly announced merger will have a similar impact, allowing brokers to give clients broader coverage across the world.

Both DTZ and Cushman have a strong international presence but cover different geographic regions. Warfield said Thalhimer will have better representation in Asian markets, for example, with DTZ behind it.

DTZ currently has 260 offices in 50 countries with 28,000 employees. Together, the two companies will have annual revenues of $5.5 billion, 43,000 employees and will manage more than 4 billion square feet throughout the world.

CBRE and JLL brought in $9 billion and $4.7 billion in revenue in 2014, respectively.

The Italian firm EXOR currently holds a controlling ownership stake in Cushman & Wakefield. DTZ’s owners include private investment firms TPG Capital, PAG Asia Capital and the Ontario Teachers’ Pension Plan, one of Canada’s largest pension plans.

Thalhimer is Richmond’s largest commercial real estate broker in terms of employee headcount. It has 290 employees and 41 brokers, according to a recent BizSense ranking. Its nearest local rivals are CBRE | Richmond and Commonwealth Commercial.

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