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Cushman & Wakefield Forms Corporate Disposition Practice
12 Jul, 2010, New York
Cushman & Wakefield today announced the formation of its Capital Markets Group - Corporate Disposition Practice. Working in close coordination with the firm's Client Solutions Group, this national Practice is designed to increase efficiency and collaboration among service lines, leveraging the firm's entire spectrum of expertise in the sale of corporate assets on behalf of its clients.
The new group will be led by one of the industry's most experienced and productive capital markets sales professionals, Richard Ingwers, who has recently been named Vice Chairman at Cushman & Wakefield.
Mr. Ingwers, will work closely with Cushman & Wakefield Vice Chairman Andrew J. Merin, a renowned industry veteran with 40 years of investment sales experience. Mr. Merin, and his partner Vice Chairman David Bernhaut, will be responsible for the team's execution in the Eastern United States.
Brad Rogers, an Executive Director in Cushman & Wakefield's Capital Markets Group will oversee execution in the Western United States drawing on his 22 years of experience in corporate property sales, valuation, advisory and consulting. The collective leadership team for this practice has completed more than 129 corporate sale transactions encompassing 40+ million square feet with an aggregate value of over $4.4 billion.
Supporting the national practice and its leadership team will be a cross-functional Advisory Board that draws upon the firm's Investment Banking, Brokerage and Business Consulting groups. The result of this collaboration will be a cohesive, sophisticated and institutional approach to the sale of corporate property on behalf of our clients.
"As a market leader in corporate real estate services, Cushman & Wakefield is committed to a coordinated delivery platform that utilizes best in class property analysis, investment expertise, and extensive corporate transactional experience," said Glenn Rufrano, President and CEO of Cushman & Wakefield. "In keeping with this commitment, our newly formed Corporate Disposition Practice enables our Capital Markets Group to operate more efficiently, across the full spectrum of our service platform, in the execution of corporate real estate sales."
Cushman & Wakefield's Corporate Disposition Practice head, Rick Ingwers notes that "While real estate plays an increasingly important role in corporate strategies, traditional real estate departments do not always have the resources or skills to meet the complex needs of their organizations." Therefore, Cushman & Wakefield's new practice group was established as a key strategic initiative to meet the growing needs of clients, so they can focus on their respective core businesses.
Confirming Cushman & Wakefield's assessment of the growth in the corporate real estate sector, CoreNet Global, a leading commercial real estate industry group serving corporate end users and service providers, estimates that corporate America owns or occupies more than $1 trillion of real estate assets utilized for its core businesses. Cushman & Wakefield's Corporate Disposition Practice will be uniquely positioned to assist corporate clients in various transactions from the sale of surplus property to complex sale-leasebacks and other structured solutions.
Global competition among corporations, the growing impact of corporate real estate on balance sheets, and the cost of corporate capital are driving the need for outsourced commercial real estate services in the corporate sector. While core business practices continually evolve, Cushman & Wakefield believes that the need for corporations to buy, sell and lease real estate will remain constant over the long-term signifying the need for its Corporate Dispositions Practice.
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