John Elkann has joined Cushman & Wakefield as chairman of its Board of Directors, the firm announced today.
The 38-year-old Agnelli family heir is chairman and CEO of investment company EXOR, S.p.A., which became C&W’s controlling shareholder in 2007.
Nearly six months after Cushman & Wakefield announced he would depart at as the real estate company’s chief executive officer, Glenn Rufrano has landed on his feet.
O’Connor Capital Partners, a real estate investment, development and management firm, announced today that Mr. Rufrano would return to the company as chairman and chief executive. Mr. Rufrano had previously enjoyed a 17-year spell with O’Connor, beginning in 1983.
Carlo Barel di Sant’Albano has been named interim CEO of Cushman & Wakefield, replacing Glenn Rufrano, the company announced today. In addition to his interim role, Mr. Sant’Albano will remain as Chairman of C&W’s Board of Directors and CEO of the company’s EMEA operations.
“[Glenn] has done a great job over the past three years,” Mr. Sant’Albano told The Commercial Observer. “We’ve had discussions and have worked together on a strategy and decided it was the right time to part ways, for us to look for a new leader.”
The Cushman & Wakefield broker marketing the Toys “R” Us flagship retail space in Times Square said today that he believes the space will be broken up for multiple tenants after the toy store’s departure.
C&W’s Brad Mendelson told The Commercial Observer that while Toys “R” Us has the option to renew in 2016, “I don’t believe Read More
A team from Cushman & Wakefield is marketing a prime retail space at 1514 Broadway currently occupied by Toys “R” Us – a move that comes in anticipation of a reported $38 million jump in rent that could give the toy store no other choice than to run from Times Square like a wronged schoolboy. Read More
Featuring an all-star line up of the city’s most formidable real estate professionals, this year’s annual Masters of Real Estate fetched a record 450 RSVPs, The Commercial Observer has learned.
Observer Media Group executives began preparing for the event, now in its third year, six months in advance with an eye toward creating an eclectic mix of speakers. Larry Silverstein of Silverstein Properties, Michael Fascitelli of Vornado, William Rudin of Rudin Management, Jeff Blau of Related Companies and Glenn Rufrano of Cushman & Wakefield are all scheduled to appear. Rob Speyer of Tishman Speyer bowed out.
Jared Kushner, the owner of The Commercial Observer and president of Kushner Companies, will lead the event with remarks.
Real estate brokerage firm Cushman & Wakefield reported a 3.2 percent increase in consolidated gross revenue and a 5.9 percent increase in operating income for the second quarter of 2012, it was announced this morning.
Cushman & Wakefield’s net income grew by $4.6 million to $6.8 million, and earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 9.5 percent.
Second-quarter gross revenue dropped by less than 1 percent to $503.7 million, compared with the $504.4 million made at the same time period in 2011.
In an exclusive conversation with The Commercial Observer, Cushman & Wakefield’s CEO Glenn Rufrano and Bruce Mosler, a top leasing executive at the company, revealed that Mr. Mosler will take on a greater role overseeing global dealmaking at the firm.
Mr. Mosler is C&W’s chairman of global brokerage and his title will not change, but Mr. Rufrano said he will help manage multinational accounts to coordinate which personnel are engaged in servicing such clients and to make sure the company’s various service lines such as property and project management, consulting and appraisal are being appropriately engaged where necessary.
During the International Council of Shopping Centers’ RECon in Las Vegas last week, Glenn Rufrano, Cushman & Wakefield’s chief executive, was a consistent and notable presence inside his company’s busy booth on the convention floor. The Commercial Observer spotted him several times in the middle of a constant pack of brokers and retail professionals congregating at the firm’s booth, in the midst of meetings and socializing. Although top-tier executives abound at ICSC, Mr. Rufrano was perhaps the highest-profile leader from a major real estate services firm to attend the conference and participate in such a hands-on manner. The Commercial Observer spoke with Mr. Rufrano last Tuesday, the last full day of the conference, in a private meeting room in C&W’s booth to get his take on the show and his plans for the future.
The annual ICSC retail conference has kicked off at the Las Vegas Convention Center, drawing more than 30,000 real estate professionals, including some of the country’s largest retailers, developers and real estate services companies. The event is widely considered the industry’s Super Bowl of networking and dealmaking. Though the conference started officially on Sunday, by Monday morning the convention center’s sprawling floors—which make the Javits Center seem pint-size—comes alive in earnest with crowds of retail professionals. Here are a few observations from the opening hours of the conference. —Daniel Geiger
8:30 – The Commercial Observer steps out into the cab line at The Palms to head to the convention center. In the queue are several other ICSC-goers. A man quickly steps from the pack and offers to split a cab. He’s in his 30s, from New Orleans, and says he runs his own brokerage company. He looks incredibly bleary-eyed and wears dark sunglasses. “I was out till 4 a.m. last night at XS,” he explains, purporting XS (pronounced excess) to be the best club in Vegas. The cab driver chimes in that pool parties have become a popular destination for fun-seekers. “They’re top-tional,” he says. The broker takes note. Where are the best parties? he asks. “The Cosmo,” the cabby replies. He has taken several fares to the conference so far: “It seems like a busy year,” he says.
By many accounts, Grubb & Ellis’s decline was as much a product of the company’s place among the dense field of other brokerage firms as it was deficiencies specific to the firm such as bad management.
The company was solidly middle market, not a small company that specializes only in a certain region or limits its presence to select cities but, on the other hand, not nearly as big as global giants like CBRE or Jones Lang LaSalle.
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. Read More
The Commercial Observer: So, are you about to have more time on your hands?
Mr. Mosler: I certainly will have more time to devote to business development, which is what this was all about. At the end of the day, this was a move to get me to client interface; Read More
Following an extensive hunt, and contrary to speculation that Cushman & Wakefield would name an industry outsider to replace departing CEO Bruce Mosler, the real estate brokerage has hired consummate insider Glenn Rufrano.
This comes just over three months after Mr. Mosler announced that he would be resigning, transitioning to co-chairman of the board, a move Read More