Cushman moving forward with IPO plans

TPG-backed firm interviewing banks that could take it public

New York /
Mar.March 27, 2018 04:40 PM

Brett White and 1290 Sixth Avenue (Credit: Cushman & Wakefield and Vornado)

Cushman & Wakefield is moving forward with its long-rumored plans to go public.

The global commercial brokerage is interviewing advisers to help the company prepare for an initial public offering, sources familiar with the matter told Bloomberg News.

Cushman could have an IPO as soon as this year, said one of the sources, who asked not to be identified due to the private nature of the talks. Cushman began holding informal meetings with banks last year, and any decision on moving forward with a public listing would be based on the company’s performance and market conditions.

Representatives for Cushman and TPG, the private equity firm that acquired the company in 2015 for roughly $2 billion including debt, declined to comment to Bloomberg.

Cushman’s been relatively quiet on the IPO front since news first broke earlier last year that it was considering going public as early as the third quarter of 2017.

In the meantime, rival brokerage Newmark Knight Frank last year held its own IPO, which was considered somewhat of a disappointment after pricing was scaled back.

There were six real estate service firms that went public raising a total of $2.5 billion last year, following a two-year hiatus in market activity that started in 2015.

Cushman, led by CEO Brett White, has been behind some of the largest deals as of late in New York, thanks in part to hiring top investment-sales brokers Doug Harmon and Adam Spies. [Bloomberg]Rich Bockmann


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Mayor Bill de Blasio (Getty, iStock)
NYC to require vaccines for indoor dining, gyms and performance venues
NYC to require vaccines for indoor dining, gyms and performance venues
Family feud for $11M Lundy’s restaurant building boils over
Family feud for $11M Lundy’s restaurant building boils over
Family feud for $11M Lundy’s restaurant building boils over
The rise of e-commerce, fueled by the pandemic, has created unprecedented demand for cardboard-producing facilities. (iStock)
Cardboard demand could fuel an industrial real estate boom
Cardboard demand could fuel an industrial real estate boom
MSCI CEO Henry Fernandez and Real Capital Analytics founder Robert White (MSCI)
MSCI to acquire Real Capital Analytics for $950M
MSCI to acquire Real Capital Analytics for $950M
Donald Trump and the Trump International Hotel & Tower in Chicago (Getty, iStock)
Donald Trump is owed $1M tax refund on Chicago skyscraper
Donald Trump is owed $1M tax refund on Chicago skyscraper
From left: One WTC, Douglas Durst, Donald and Steven Newhouse (iStock, Getty)
Condé Nast pays back rent at One WTC, ending standoff with Durst
Condé Nast pays back rent at One WTC, ending standoff with Durst
arrow_forward_ios

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

Loading...