Cushman & Wakefield went through a round of layoffs Wednesday that hit the marketing and research departments in what appears to be fallout from the merger with Chicago-based DTZ earlier this year, according to multiple sources.
Behind the story:
The cuts were national in scope, with as many as 250 employees affected across the country. Here in New York City, about 40 positions were cut, sources familiar with the matter said.
A spokesperson for Cushman told The Real Deal that the job cuts represented a small fraction of the combined firms’ workforces.
“As part of our integration efforts, a very small number of staff positions were eliminated where there were areas of overlapping responsibilities,” the spokesperson said in a statement. “We’re committed to building a healthy, sustainable business poised for long-term growth.”
The employees let go supported brokers by putting together sales materials and presentations for clients, and pulled data for deal analyses and market reports.
Through a series of mergers and acquisitions over the past year, Cushman’s ranks have swelled to 43,000 employees in 250 office across 60 countries.
It started last year when DTZ acquired the firm Cassidy Turley, followed by Cushman’s purchase of Massey Knakal Realty Services for $100 million.
DTZ then bought Cushman for $2 billion, in a deal that was finalized in September. A number of top New York-based Cushman investment sales professionals, such as Helen Hwang, Michael Rotchford and Nat Rockett, have since left the firm.