🠈 Cushman and Wakefield 🠊
Cushman and Wakefield
Cushman and Wakefield is a multinational commercial real estate firm with headquarters in Chicago, Illinois that trades on the NYSE with the symbol CWK.
The current company was created in 2015 with the merger of DTZ and Cushman. As DTZ initiated the acquisition, I will start the corporate history with DTZ. I drew most of the events from Wikipedia.
- 1784 DTZ was founded as Chesshire Gibson in Birmingham, UK.
- 1853: Company moved to London with the name Debenham and Tewson.
- 1987: Company was listed on the London stock exchange as Debenham, Tewson & Chinnocks.
- 1993: company entered a joint venture with Jean Thouard of France and the Zadelhoff Group of Germany called DTZ.
- 1999: DTZ acquired CY Leung & Co and Edmund Tie & Co in Singapore.
- 2004 - 2008: DTZ opened offices in India, Bahrain and into China.
- 2006: DTZ was worth about GB£500m, but was in financial difficulties after its expansion.
- 2011: DTZ Holdings went into administration.
- 2011: UGL acquired the business assets of DTZ to repay GB£77.5m of a GB£106m debt owed to Royal Bank of Scotland.
- 2011: UGL, an engineering firm out of Australia, acquired trading operations of DTZ which it combines with its property services.
- 2012: UGL rebranded its property services as DTZ with operations in 52 countries.
- DTZ relocated its headquarters to US.
- 2014: A consortium including TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan acquired DTZ.
- The consortium acquired Cassidy Turley which had 4,000 employees and 900 brokers bringing the company to 28,000 employees in more than 260 offices in 50 countries.
- 2008: Cassidy Turley was formed as a holding company for four realty firms that had been with Colliers International: Colliers Turley Martin Tucker, Colliers Pinkard, Cassidy & Pinkard Colliers, and Colliers ABR
- 2015: the consortium acquired Cushman and Wakefield. The merged firm had $5 billion with over 43,000 employees in 60 countries.
History of Cushman and Wakefield
- 1917: J. Clydesdale Cushman and Bernard Wakefield, who were brothers in law, founded the firm in New York.
- 1969: RCA acquired the firm.
- 1976: The Rockefeller Group acquired the firm.
- 1989: Mitsubishi Estate Co. Ltd became the majority shareholder in The Rockefeller Group.
- 1990: C&W acquired Healey & Baker
- 1820: George Healey founded a real estate firm in London.
- 1910: George Henry Baker joined firm to create Healey and Baker.
- 2001: Cushman & Wakefield acquired Cushman Realty Corporation
- A private equity firm called IFIL purchased 70% ownership in the firm.
- IFIL changed its name to EXOR
- 2015 Exor hired Goldman Sachs Group and Morgan Stanley to find a buyer for the firm.
- 2018: Cushman and Wakefield went public on the NYSE with the symbol: CWK. The company was valued at $3.1 billion.
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