Cousins Properties/Cushman & Wakefield Close Business Unit Transaction
Integration of third party Client Services Group and personnel complete
NEW YORK – October 1, 2012 – 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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Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.
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Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office and retail projects. Since its founding in 1958, Cousins has developed more than 20 million square feet of office space and 20 million square feet of retail space.
Cousins has built and maintained an industry-wide reputation for innovative and sustainable developments, premium management services and top quality leadership. The Company creates and maintains value in real estate assets for the benefit of shareholders, and partners. Cousins Properties is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ.