Rob Rubano, Gideon Gil and John Alascio

Boyz II Men once lamented the feeling of “4 Seasons of Loneliness.” Well — sorry, Boyz — for Cushman & Wakefield, the very opposite was true, with four seasons of constant connectivity to its clients and fervent deal-making that resulted in $12.8 billion of transactions across 237 loans — phew! 

“We had a strong year because we have significant, repetitive institutional clients that we do a lot of business for every year, which is key in 24 months of relatively muted acquisition volume,” Rob Rubano said. “That’s probably what I’m most proud of. Our clients are some of the most active borrowers in the country, and we work very hard for them.” 

The team secured funding across debt and equity markets for all asset types, covering the full capital stack from senior loans to subordinate debt and tackling construction and acquisition loans and refinancings, plus equity advisory, loan sales and distressed asset strategies. 

The team’s 247 deals included the $950 million Project Dime SASB financing for an industrial portfolio of 57 assets (marking the tightest floating-rate AAA pricing since January 2022); a $300 million construction loan for Echelon Studios, a state-of-the-art production studio and office development in Hollywood, and the first purpose-
built studio in Hollywood in decades; a $172 million data center bridge financing in rural Illinois that provided additional proceeds for the construction of a second phase; a $135 million loan for a nine-story affordable housing project in Prospect Lefferts Garden, Brooklyn, one of the last sites in New York to benefit from the Affordable Housing New York tax incentive program; and arranging a joint venture between Lovett Industrial and Heitman together with financing from Voya to purchase a 720,000-square-foot industrial portfolio (during one of the most challenging periods for raising limited partner equity). 

“Our average loan size was around $55 million, and we transacted across the spectrum of asset classes, including many of the alts [alternative investment] sectors where a lot of people haven’t transacted on the advisory side,” Rubano said. “I’m proud of the fact that we adapted to the market and we went where the puck was going.” 

In a constantly evolving market, advisers need to be nimble and able to transact across the spectrum to meet their clients’ needs. C&W stepped up to the plate. 

“What’s clear is, to be a full-service advisory shop, you have to have the ability to execute across asset classes, you need to know where the trends are going in terms of alts, and be ahead of the curve in terms of expertise, capabilities and talent,” Rubano said. “And we think about this all the time.” 

In terms of 2025, the team’s pipeline is way busier than the same time last year. “Now, will we get to `22 levels? I don’t think so, not based on what I see today — but, again, that could all change,” Rubano said.