Cushman & Wakefield Raises $40 Million In Employee Stock Program
25 Jul, 2006, New York
Employee ownership rises to 31 percent of firm
Cushman & Wakefield has raised $40 million in equity capital from its employees, increasing the internal ownership of the company to 31 percent following the first year of the firm’s initial stock investment program.
"Cushman & Wakefield employees have shown great confidence in the strength of the real estate business, the global growth of their firm and the opportunities for continued expansion of our business," said Bruce Mosler, President and CEO of Cushman & Wakefield. “Our stock offerings have been well received, demonstrating our employees’ high level of enthusiasm to participate.”
Cushman & Wakefield initiated the opportunity for employees to purchase up to 45 percent of the company's stock, putting more of an ownership stake in the hands of its producing professionals and senior management. "This is about having the interests of shareholders, employees and our clients in alignment," Mr. Mosler said.
In recent years, Cushman & Wakefield has grown extensively on a global scale, acquiring affiliates in Russia and Canada, both of which have increased revenue and profitability. The firm now has 192 offices in 58 countries. Cushman & Wakefield’s revenue is expected to be $1.4 billion in 2006, up from $800 million in 2003, a 75 percent increase over three years. In addition, Cushman & Wakefield has seen its profits grow 52 percent year-over-year from 2004 to 2005.
Founded in 1917 in New York City as a property management firm, Cushman & Wakefield now operates in all the world’s major business centers. The firm negotiated $69.3 billion in commercial property leasing, sale or financing transactions last year. Cushman & Wakefield also has valued more property than any firm in the world. The firm has 430 million square feet of property under management, making it one of the largest property managers in the world.
To meet the increasingly complex needs of its clients, the firm has introduced a number of new services in recent months. The company launched Cushman & Wakefield Net Lease Trust, a fund that offers sale-leaseback and build-to-suit financing for companies with unrated or less than investment grade credit. The firm also formed NY Credit Advisors with New York Life Investment Management LLC and HSH Nordbank, to underwrite first and second mortgages and mezzanine debt.
The firm has also enhanced service to clients and increased revenue by combining its corporate outsourcing services and Asset Services units into one group, known as Client Solutions, which is dedicated to serving the needs of multi-national corporations, institutions and owners of real estate through a single point of contact, worldwide.
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.