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Commercial Real Estate | In Brief

Cushman & Wakefield to Join With Independents

January 29, 2002|Bloomberg News

Cushman & Wakefield Inc. plans to form alliances with independent real estate companies to build its business in Southern California and the U.S. Southeast.

Cushman, the second-largest U.S. commercial real estate broker, is allying with Commercial San Diego; Commercial Carolina, which has offices in North and South Carolina; and Commercial Jacksonville, in Florida, each a former Cushman office.

The other members of the alliance are Commercial Tennessee, with offices in Memphis, Little Rock, Ark., and Mississippi; Eason Graham & Sandler of Birmingham and Huntsville, Ala.; and Mission Property of Nashville, Tenn., company officials said.

New York-based Cushman's primary objective is to build up its business in industrial warehousing and distribution space, said Bruce Mosler, president of U.S. operations. A secondary objective is to add strength in office sales and leasing.

Cushman will use the alliances to expand its services to corporate clients, such as "big-box retailers, manufacturing and distribution-oriented companies, information technology businesses" and others that need office and industrial space in a large number of markets, said Derrick Mashore, Cushman's director of client services.

Alliance members will pay an undisclosed fee and be able to market themselves as members of the Cushman & Wakefield alliance, Mosler said. The program may be expanded to other markets, Mosler said, though he added, "we're not looking to allow a lot of people to have use of our brand name."

Cushman, a unit of Mitsubishi Estate Co. of Tokyo, has 42 offices nationwide, Mosler said.

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