NEW YORK CITY-Cushman & Wakefield said Monday it has expanded its capital markets practice with a group that will advise clients on the disposition of corporate property across the US. Heading the new practice will be Richard Ingwers, recently named vice chairman.
Ingwers will supervise a national team that will include vice chairman Andrew Merin and Brad Rogers, an executive director in C&W’s capital markets group. Merin and his partner, vice chairman David Bernhaut, will be responsible for the team’s execution in the Eastern US, while Rogers will do the same for the West.
“We think it’s important to coordinate not only the geographies but also the business lines,” C&W CEO Glenn Rufrano told GlobeSt.com in June. The establishment of a cross-disciplinary practice for asset disposition fits in with that strategy, and Rufrano says in a release that the new initiative “enables our capital markets group to operate more efficiently, across the full spectrum of our service platform, in the execution of corporate real estate sales.”
With CoreNet Global recently estimating that corporate America owns or occupies more than $1 trillion worth of real estate for its core operations, C&W says it sees a long-term need for a corporate disposition practice. The firm cites global competition among corporations, the growing impact of corporate real estate on balance sheets and the cost of corporate capital as increasing the need for outsourced commercial real estate services in the corporate sector, particularly when it comes to buying, selling or leasing property.
C&W says the national practice and its leadership team will be supported by a cross-functional advisory board that draws upon its investment banking, brokerage and business consulting groups. The practice will focus on transactions ranging from selling surplus property to sale-leasebacks, according to C&W.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
