Cousins Properties, a fully integrated equity real estate investment trust (REIT), announced this week that it has reached an agreement to sell its Third Party Client Services Business, known as Client Services Group (CSG), to Cushman & Wakefield for an undisclosed sum. The deal is expected to formally close by year-end, according to a D Magazine report. Under the terms of the agreement, up to 128 professionals will transition from Cousins to Cushman & Wakefield; Cousins Properties will continue to own and operate its fee business that is not associated with the Client Services Group. According to a Sacramento Bee article, CSG's Property Management, Landlord Leasing and Management services will be integrated into Cushman & Wakefield's Investor Services division, which is part of the firm's Corporate Occupier and Investor Services (CIS) group and is a main priority of the firm's growth plan.
"We are very excited about this transaction - we really consider it a partnership - and view this as a win-win for Cousins, C&W, and most importantly, our clients," said Larry Gellerstedt, President and CEO of Cousins Properties. "This not only ensures that our clients 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 a heightened focus on our core business."
Glenn Rufrano, President and CEO of Cushman & Wakefield said, "This move marks a key milestone as we begin the next phase of our strategic growth plan. 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."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment