Cushman & Wakefield is no longer handling Brookfield Asset Management's office and logistics listings in the U.S., according to a report by Bloomberg. The move comes at a tenuous time for C&W and other CRE brokerages as they struggle to maintain revenues until the industry makes an expected recovery in the second half of next year.
Bloomberg said the brokerage was fired after it declined to shift some of its offices to Brookfield's redeveloped 660 Fifth Ave. from 1290 Avenue of the Americas. The publication cited a source that was familiar with the matter.
GlobeSt.com reached out to C&W and BAM for comment after hours and will update this article with their responses.
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Like its counterparts, C&W has had to take several steps to maintain its business in the face of plummeting transactions and an uncertain business environment.
Its third quarter revenue of $2.3 billion was down 9% over the same period in 2022. Property, facilities, and project management were flat while leasing, capital markets, and valuation and other declined 16%, 33%, and 17% respectively. There was a net loss of $33.9 million.
The company has focused on paying down debt to reduce leverage to between 2% and 3%, as well as reducing expenses by a target of $130 million annually. C&W has already realized $98 million year-to-date and is slightly ahead of where they planned to be, according to its CFO.
Losing Brookfield Asset Management as a client was no doubt a blow given the firm's outsized real estate footprint. It has more than 500 million square feet of commercial real estate.
"While completely surprised by this reaction, we consider disciplined management in the best interest of our firm, employees and shareholders," C&W spokesperson Mike Boonshoft told Bloomberg.
Brookfield declined to comment to Bloomberg.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
