Staked by TPG’s Personal Equity Capital, Cushman Focused On Deploying Capital to Support Worldwide Development
New Cushman & & Wakefield Global President Tod Lickerman has actually spent a good portion of the last 4 months meeting with leading C&W and DTZ markets overseas and around the united state, tasked with assisting craft a management team and integration prepare for what is now among the three largest CRE companies.
“It’s a great balance between the very best of DTZ and the best of Cushman & & Wakefield, “Lickerman, who formerly served in the exact same function for DTZ, tells CoStar News. “In every market, we’ve been fortunate enough to land the very best from each firm, and developed a combined management group that takes us forward.”
DTZ and Cushman & & Wakefield closed their merger early Wednesday, creating a new company with a combined overall of $5 billion in earnings and 43,000 workers, with more than 4.3 billion square feet under management and $191 billion in deal value. A consortium headed by DTZ and backed by TGP Capital obtained the three-quarters stake in Cushman owned by Exor HEALTH CLUB, Italian holding business for the Agnelli household, for a reported $2 billion. Cushman’s new owners also include PAG, among the largest Asia-based alternative financial investment managers; and the Ontario Educators’ Pension (OTTP), among Canada’s largest pension.
The combined company’s U.S. operations will be headed by Joe Stettinius, president, Americas, who previously served because function for DTZ. Previous Cushman President Edward Forst, who was anticipated to step down, is no longer with the company, officials validated.
Other senior executives from the pre-merger Cushman & & Wakefield consist of Ron Lo Russo, president of the Tri-State Region who will continue in that role and work as New York City regional market leader; and Shawn Mobley, who has served as head of Cushman’s Southeast and Central market departments and will now take control of as president of the Eastern Region and function as market lead for the North Central and Southeast areas along with lead the Chicago market.
DTZ executives getting C&W management positions consist of Roberta Liss, who will function as Mid-Atlantic Region and Washington, D.C. City market leader; Mike Kamm, who left Cushman to become president of Cassidy Turley in 2013 and signed up with DTZ previously this year when it got CT, and now goes back to Cushman as Northwest Area market leader.
“We’ve been working on the combination planning for months, so we’ve got an excellent running start,” Lickerman stated, who offered color on the leadership team’s conferences with significant customers, potential customers and leading producers for the companies in each market. “They’re remarkably compatible companies.”
Lickerman, who was previously CEO for Jones Lang LaSalle’s Corporate Solutions group for the Americas before taking over as DTZ’s new chief executive in 2013, also said DTZ and Cushman & & Wakefield are extremely complementary organizations. For instance, DTZ had no appraisals business in the Americas before joining with Cushman. DTZ had a strong presence in Asia, while Cushman has long taken advantage of its base of operations in New york city City. After getting Massey Knakal earlier this year, the company stated it’s now the top CRE company in the Big Apple in regards to profits and headcount, surpassing competing CBRE.
“The even-better news is, there’s very little overlap in market-facing positions,” Lickerman said. “We have good market position, but we do not have saturation or anything like it,” stated Lickerman, commenting on the business’s drive to maintain essential manufacturers through the U.S. and globally. “Our retention stats are substantially above the industry norms because the merger was announced.”
“We’re doing the ideal things, talking to individuals and getting them comfortable with the platform,” he stated. “We’re getting an extraordinary quantity of interest from experts calling as and asking to join. People from both huge shops and small companies see what we’re doing and the momentum we have actually attained.”
C&W Global Regions Management
Joe Stettinius, Chief Executive, Americas;
John Forrester, President, EMEA (previously same position, DTZ);
Edward Cheung Chairman APAC Board; Chief Executive, Greater China (formerly chief executive, North Asia, DTZ);
Stuart Roberts, President, APAC (previously chief executive, Asia Pacific, DTZ). Americas Regional Presidents
Ron Lo Russo, Tri-State Region President/NY City Region Market Leader; (previously president, Tri-State Area, C&W);
Shawn Mobley, East Area President/North Central and Southeast Region Market Leader/Chicago Market; (formerly president, Southeast and Central market departments, C&W);
Celina Antunes, South America Area President (previously South America CEO, C&W);
Mike Smith, West Region President/Texas Region Market Leader (previously president, West Region, DTZ). U.S./ Mexico Regional Market Leaders
Luis Alvarado, Northeast Region Market Leader/Boston Market Leader; (previously senior handling director, C&W);
Dan Broderick, Southwest Area Market Leader/San Diego Market Leader; (formerly senior handling director, San Diego Region, DTZ)
Jim Fagan, Connecticut Area Market Leader/Stamford and Westchester Market Leader (formerly senior managing director, Greater NY location, C&W)
Mike Kamm, Northwest Area Market Leader (previously president, West Area, DTZ);
Victor Lachica, Mexico Area Market Leader (formerly president/CEO, C&W);
Roberta Liss, Mid-Atlantic Area Market Leader/DC City Market Leader (previously East Area president, DTZ);
Dean Mueller, South Central Region Market Leader (formerly president, Central Region, DTZ).