The new chief of commercial real estate titan Cushman & Wakefield said the majority owner of the beleaguered brokerage is considering taking it public, according to The New York Times:
One of the biggest question marks is the future of Cushman & Wakefield, the world’s third-largest commercial real estate brokerage, according to National Real Estate Investor magazine. After losing $127 million in 2009, Cushman & Wakefield recently installed a new chief executive, Glenn Rufrano, whose specialty is turning around troubled real estate firms. The majority stakeholder in the company, the Italian firm Exor, is considering an initial public offering, according to Mr. Rufrano.
That would mark a tremendous culture shift for the famously private company, which recently lost its most prominent investment sales brokers to rival firm Jones Lang LaSalle. More here.