Premier Australian firm to join global real estate platform.

24 Jan, 2008, Sydney

Cushman & Wakefield, the world's largest privately held real estate services firm, announced today that it has acquired its long time Australian affiliate, Laing+Simmons Commercial Inc., a leading New South Wales based real estate services firm which has operated in Sydney for the past 19 years. With immediate effect the firm will begin operations as Cushman & Wakefield.

This exciting acquisition combines the comparative strengths of the two companies and provides Laing+Simmons Commercial professionals with a powerful global platform of tools and services to help meet the increasingly complex needs of clients.

Consistent with the continued expansion of Cushman & Wakefield's operations across Asia Pacific, the acquisition reflects the firm's commitment to the region and the Australian marketplace in particular.

"This represents a significant step for both firms and our clients," said Michael Thompson, CEO of Cushman & Wakefield's Asia Pacific operations. "Given our highly successful association with Robert Farrell and Tony Anderson over the last decade this acquisition was a natural step for us, made all the easier by their outstanding reputation and strong client relationships".

Commenting on the acquisition, Michael Thompson added that "Australia is an important global market for Cushman & Wakefield and this strategic acquisition provides us with a strong platform from which we can expand beyond Sydney, both organically and through acquisition."

Both Cushman & Wakefield and the Laing+Simmons Commercial team have strong cultures, which will make the transition easier because we share the same traditions of integrity and excellence and a 'client-first' philosophy – all of which make a powerful combination."
Robert Farrell and Tony Anderson, Chief Executive and Managing Director of Laing+Simmons Commercial respectively, have been named joint Managing Directors, Australia of Cushman & Wakefield.

Robert Farrell said that becoming part of the respected Cushman & Wakefield brand is a tremendous opportunity for clients, professionals and employees: "Cushman & Wakefield is a natural fit for us given the similar corporate cultures and shared core values. This move will provide our clients with an even higher level of service and direct access to opportunities in other markets while still enjoying the relationships they have formed with our professionals".

Tony Anderson added that he expects the transition to a global firm will be smooth for clients and employees, with no disruption to business. "Our clients will continue to work with the familiar professionals they've come to know and trust, only now they will benefit from the added leverage offered by a world-leading firm. For our managers, professionals and employees, this move opens up tremendous career opportunities and direct access to a premier, full-service platform across 215 offices in 56 countries."

Robert Farrell confirmed that all the company's services will be available to clients in Australia, as Laing+Simmons Commercial aligns itself with the Cushman & Wakefield service platform. "This merger has positioned us for the future. With a global infrastructure and network behind us, there are no limits to our ability to serve our clients."

Terms of the agreement were not disclosed. The residential franchise real estate business trading as Laing+Simmons is not part of this acquisition.

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