Cushman & Wakefield/ Cousins Properties Close Business Unit Transaction
1 Oct, 2012, New York
Cushman & Wakefield and Cousins Properties Incorporated (NYSE:CUZ) have closed on a transaction integrating Cousins' third party client services business into Cushman & Wakefield's globally integrated platform.
The business unit, previously 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.
Cousins Properties will continue to own and operate its fee business that is not associated with the Client Services Group.
Under the terms of the transaction, more than 100 professionals have transitioned from Cousins to Cushman & Wakefield, providing immediate enhanced capabilities for clients supported by Cushman & Wakefield'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, "Throughout the execution of this transaction, our goal has been to put the needs of our clients first while providing them with a seamless transition. We remain focused on driving meaningful value into our clients' assets and organizations while adding significantly enhanced capabilities and a more consistent service mix in two priority markets in the U.S."
"One of the greatest benefits of this transaction is that it combines the strength of two like-minded organizations whose professionals share the same client-centric operating principles," 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."
With the transaction complete, CSG's Property Management, Landlord Leasing and Management services are now fully integrated and operating under Cushman & Wakefield's Investor Services division, a part of the firm's Corporate Occupier and Investor Services (CIS) group and a main component of the firm's strategic 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.
From a leasing perspective, the integration of CSG's seasoned brokerage professionals, strong client relationships and track record of success in both markets, bolsters 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.
Genesis Capital, LLC (www.genesis-capital.com) acted as financial advisor to Cousins Properties and King & Spalding provided legal counsel.
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