NEW YORK CITY-Cushman & Wakefield has acquired the third party client services business of Cousins Properties, the company’s non-core subsidiary, GlobeSt.com has confirmed with Atlanta-based equity REIT on Wednesday. Under the terms of the agreement, C&W will assume control of Cousins’ client services group, which provides services to owners of class A office buildings in Atlanta and Dallas.
As a result of the new deal, CSG’s property management, landlord leasing and management services will be integrated into C&W’s Investor Services division, which is part of the firm’s Corporate Occupier and Investor Services Group. In addition, up to 128 professionals will transition from Cousins to C&W, which the Manhattan-based brokerage shop says will “provide immediate enhanced capabilities for clients supported by the firm’s Investor Services and Leasing groups in two key geographic areas of focus,” according to a company statement.
“This move marks a key milestone as we begin the next phase of our strategic growth plan,” says Glenn Rufrano, president and CEO at C&W. “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.”
Larry Gellerstedt, president and CEO of Cousins Properties, tells GlobeSt.com in an e-mail interview that Cousins’ primary business is not part of this transaction, and will not be affected. “The decision to sell this business not only ensures that our third party clients, the building owners, 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 heightened focus on our core business,” he says.
Gellerstedt explains that a number of companies were interested in the client services group, but part of what differentiated C&W was its “clear commitment to Cousins’ employees and clients,” he says. “As far as impact, the day-to-day activities of our employees will be very consistent with the current platform,” Gellerstedt adds. “Our team will continue to do what it has always done, deliver superb service and quality results to our clients. C&W understands this business is all about the talented, professional individuals that make up the team and they are dedicated to providing all the tools necessary for continued success.”
Cousins’ third party group manages and leases approximately 12 million square feet, he said. The company recently won major assignments with such firms as Aegon, Clarion Partners and AEW.
The transaction is expected to close by year-end, subject to customary conditions and minimum third party consents, C&W says. In addition, the brokerage also recently teamed up with California-based Pacific Commercial Realty Advisors as part of the firm's Americas Alliance Program.
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