The Real Deal New York

CushWake looking for new HQ

DTZ looks to consolidate NYC operations under one roof

June 08, 2015 03:07PM

Cushman Wakefield HQ

From left: 1271 Sixth Avenue and 1290 Sixth Avenue in Midtown (inset: Ron Lo Russo)

Fresh off its mega-merger with DTZ, commercial brokerage Cushman & Wakefield is on the hunt for a new 300,000-square-foot global headquarters in New York City.

The search comes after Chicago-based DTZ’s $2 billion acquisition of Cushman last month and looks to consolidate all of the entities in the company’s portfolio under one roof.

In addition to the Cushman merger, DTZ acquired commercial brokerage Cassidy Turley in January and also inherited  investment sales firm Massey Knakal Realty Services, which Cushman purchased for $100 million late last year.

While Cushman has a long-term lease for 175,000 square feet at its 1290 Sixth Avenue headquarters in Midtown, there is not enough available space in the Vornado Realty Trust-owned building to bring in DTZ, Cassidy Turley and Massey Knakal, according to Crain’s.

One possibility could be the Time-Life Building at 1271 Sixth Avenue, which houses DTZ and Cassidy Turley and is close to Cushman’s current space. The building reportedly has enough vacancy to accommodate the firm’s consolidation.

Ron Lo Russo, president of Cushman’s New York tri-state region, will head the new consolidated office, as The Real Deal reported last month. [Crain’s]Rey Mashayekhi