Cushman & Wakefield to Acquire Cousins Properties’ Atlanta and Dallas-based Third Party Client Services Group
15 Aug, 2012, New York
Cushman & Wakefield today announced the execution of an agreement to acquire the Atlanta- and Dallas-based third party client services business of Cousins Properties Incorporated (NYSE: CUZ).
The business unit, 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.
Under the terms of the agreement, up to 128 professionals will transition from Cousins to Cushman & Wakefield, providing immediate enhanced capabilities for clients supported by the firm'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, "This move marks a key milestone as we begin the next phase of our strategic growth plan. Integrating such a quality group into our platform enables C&W to continue to balance our service mix across our global platform and provide consistent quality service to our clients."
"We are very excited about this transaction - we really consider it a partnership - and view this as a win-win for Cousins, C&W, and most importantly, our clients," 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."
CSG's Property Management, Landlord Leasing and Management services will be integrated into Cushman & Wakefield's Investor Services division, which is part of the firm's Corporate Occupier and Investor Services (CIS) group and is a main priority of the firm's 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.
Cousins Properties will continue to own and operate its fee business that is not associated with the 3rd Party Client Services Group.
From a leasing perspective, CSG's seasoned brokerage professionals, strong client
relationships and track record of success in both markets, will continue to bolster 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
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