Cushman & Wakefield executed an agreement to acquire Cousins Properties Inc.â€™s client services group, an Atlanta- and Dallas-based third party client services business. The business unit provides leasing, property management and project management services to owners of class-A office buildings in the two cities.
Under the terms of the agreement, up to 128 professionals will transition from Cousins Properties to Cushman & Wakefield. Cousinsâ€™ property management, landlord leasing and management services will be integrated into Cushman & Wakefieldâ€™s investor services division, part of its corporate occupier and investor services group. The corporate occupier and investor services group currently manages almost 16,000 properties totaling more than 800 million sq. ft. and is one of Cushman & Wakefieldâ€™s main growth priorities.
â€śThis move marks a key milestone as we begin the next phase of our strategic growth plan,â€ť said Cushman & Wakefield President and CEO Glenn Rufrano in a statement. â€śIntegrating 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.â€ť
Cousins will continue to own and operate its fee business that is not associated with the third party client services group.
The transaction is scheduled to close by the end of the year.