The Real Deal Miami

Cushman rings up $13M in profits for 2010

March 28, 2011 02:20PM

New York-based commercial services firm Cushman & Wakefield had its first
profitable year since 2007, racking up a modest profit of $13 million in 2010, the
company said in a statement this morning.

The profit, based on European accounting standards, was on worldwide
revenues of $1.76 billion. Cushman is owned by the public company Exor, which
is controlled by the Agnelli family.

Despite the positive news, global competitors Jones Lang LaSalle and CB
Richard Ellis, were each more profitable than Cushman in 2010. In addition, JLL
has taken advantage of its relative strength to lure top talent from Cushman,
snagging a top leasing and a top sales team over
the past year.

For 2010, JLL reported it had net income of $154 million on revenues of $3
billion, while the world’s largest company, CBRE, had net income of $200 million
on revenues of $5.1 billion.

Under United States accounting standards, Cushman had net income of $25.7
million.

The last profitable year Cushman had was in 2007, when it earned $52 million.
That was followed by two years of losses. In 2008, it lost $31 million, and the
following year it widened the red ink to $125 million.

The company reported that it participated in more than 27,000 real estate sales
and leasing transactions with a total value of more than $67 billion. TRD