Cushman & Wakefield buys three Cresa offices in LA

Buyer adds 40 staffers; sellers keeps DTLA office

Los Angeles /
May.May 18, 2022 09:48 AM
Cushman & Wakefield’s Dan Broderick, Phil Brodkin; and (formerly) Cresa’s Matthew Miller (Cushman & Wakefield, Cresa)
Cushman & Wakefield’s Dan Broderick, Phil Brodkin; and (formerly) Cresa’s Matthew Miller
(Cushman & Wakefield, Cresa)

Cushman & Wakefield has bought Cresa’s operations in Los Angeles, folding them into an upper-tier of commercial brokerages in the market.

Chicago-based Cushman bought Cresa’s offices in West L.A.., Woodland Hills and Westlake Village on undisclosed terms, the firm announced on Tuesday.

The deal adds weight to Cushman’s operations in the region, where it competes with the likes of JLL, Newmark and CBRE.

About 40 brokers and project managers will make the move to Cushman & Wakefield as part of the deal.

Cresa will retain an office in Downtown L.A..

The deal will make Cushman & Wakefield tenant representation services “stronger and more robust,” given that Cresa solely focuses on representing tenants, Dan Broderick, the brokerage’s head of the West region, said in a statement.

Matthew Miller, a managing principal Cresa in L.A., will join the firm, Cushman & Wakefield said. Miller helped found the brokerage in the 1980s.

Sources familiar with the brokerages told TRD the deal has been in the works for a couple of years, though it fizzled out during the pandemic.

In Los Angeles, Cresa brokers are known for representing media, entertainment and gaming companies. Earlier this year, Miller represented Creative Artists Agency in leasing a 303,000-square-foot tower in Century City that is under development by JMB Realty.

It’s not the first time Cresa has made a significant change in operations in recent months. The firm, run by CEO Tod Lickerman, recently moved its headquarters to Washington, D.C., from Chicago.

“Who wants to go to a sterile central business district?” Lickerman said at the time of the move.

The firm also made a big move in Texas recently, acquiring Dallas-Fort Worth-based brokerage ESRP earlier this month.





    Related Articles

    arrow_forward_ios
    Queen Mary (Google Maps, iStock)
    Long Beach to size up Queen Mary in wake of failed redevelopment plan
    Long Beach to size up Queen Mary in wake of failed redevelopment plan
    Prologis' Hamid Moghadam and 8819 E Edison Ave in Ontario (Google Maps, Prologis)
    Prologis gets option on 177 more acres in Ontario Ranch
    Prologis gets option on 177 more acres in Ontario Ranch
    SRG's Chris Payne and Burnham Ward's Bryon Ward with rendering of New Laguna Niguel City Center (Sares Regis Group, Burnham Ward Properties)
    ‘Napa Valley-esque’ downtown to be built in Laguna Niguel
    ‘Napa Valley-esque’ downtown to be built in Laguna Niguel
    LaTerra Development's Charles Tourtellotte with 4112 Del Rey Avenue (LinkedIn, Loopnet)
    LaTerra buys Marina del Rey office complex
    LaTerra buys Marina del Rey office complex
    CIM’s Shaul Kuba with renderings of the project at 6007 Sunset Blvd in Hollywood (Getty, CIM Group)
    CIM sells site of 109-unit resi development in Hollywood
    CIM sells site of 109-unit resi development in Hollywood
    Councilman Bob Blumenfield with 5300 N. Oakdale Ave (Dean Musgrove, iStock)
    Last commercial orange grove in the San Fernando Valley slated for luxury homes
    Last commercial orange grove in the San Fernando Valley slated for luxury homes
    From left: Stockdale Capital Partners' Steven and Shawn Yari with 656 San Vicente Blvd
    Stockdale Capital gets early green light for 140K sf medical tower near Cedars-Sinai
    Stockdale Capital gets early green light for 140K sf medical tower near Cedars-Sinai
    HBC's Richard Baker with  9600 Wilshire Blvd (SFA, Cornell)
    Historic Saks Fifth Avenue complex in Beverly Hills eyed for redevelopment
    Historic Saks Fifth Avenue complex in Beverly Hills eyed for redevelopment
    arrow_forward_ios

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

    Loading...