Cushman & Wakefield lands big Citigroup contract

Firm to manage bank's 27M square feet of US office space -- including its HQ at 388 Greenwich

New York /
Apr.April 14, 2014 11:30 AM

In a quiet deal, global bank Citigroup has tapped Manhattan-based Cushman & Wakefield to manage all 27 million square feet of the company’s commercial property in the U.S., including its Tribeca headquarters.

The agreement reportedly means Cushman will replace real estate firm JLL, formerly known as Jones Lang LaSalle, as the sole U.S. facilities manager.  That includes management of the financial giant’s headquarters in the 39-story office tower at 388 Greenwich Street.

JLL didn’t pursue the contract, the Wall Street Journal reported. The firm will continue to manage Citigroup’s properties in Mexico, according to the article.

The agreement comes as several large real estate firms are looking to increase the revenue garnered from facilities management. Such building management is affected less by changes to the economy and therefore a more stable source of income than commission revenue from deals, according to the paper. Cushman itself has grown its share of that market as of late. The firm managed more than 1 billion square feet of commercial space last year for the first time ever, a jump from 716 million square feet in 2010, the paper reported.

Cushman was also brought on earlier this year to manage flagship retail of the old New York Times building at 229 West 43rd Street, as previously reported[WSJ] — Angela Hunt


Related Articles

arrow_forward_ios
Related Companies chairman Stephen Ross and Harris Blitzer Sports CEO Scott O'Neil with Central Park’s Wollman Rink (Getty)
City replaces Trump as Central Park rink operator — with Trump pals
City replaces Trump as Central Park rink operator — with Trump pals
Stephen Preuss
Top sales broker out at Cushman & Wakefield
Top sales broker out at Cushman & Wakefield
President & CEO of Northwood Investors with 520 and 524 Broadway. (Getty, Google Maps)
Northwood buys two Soho buildings for $325M
Northwood buys two Soho buildings for $325M
Cushman & Wakefield CEO Brett White (Cushman)
Cushman eyeing M&A opportunities post-pandemic
Cushman eyeing M&A opportunities post-pandemic
CBRE’s Darcy Stacom and Bill Shanahan; Cushman & Wakefield’s Doug Harmon and Adam Spies
Titans of the towers: TRD’s annual ranking of NYC’s top investment sales firms
Titans of the towers: TRD’s annual ranking of NYC’s top investment sales firms
Cushman & Wakefield CIO Nathaniel Robinson and CEO Brett White (iStock)
Cushman launches $250M SPAC
Cushman launches $250M SPAC
Saadia Group, Lord & Taylor's new owner, will sublet its new headquarters from Cushman & Wakefield. (Getty, RPW Group)
Lord & Taylor owner sublets new Midtown HQ
Lord & Taylor owner sublets new Midtown HQ
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...