New York, NY – Cushman & Wakefield (NYSE: CWK) finished 2018 as the No.1 investment sales firm in New York City, according to new rankings released in recent weeks by two leading industry publications.
According to Real Estate Alert, in New York City, the country’s largest office market, Cushman & Wakefield dominated the sector with a 42 percent market share. The firm’s New York Institutional Capital Markets team, led by Doug Harmon and Adam Spies, closed 23 office deals totaling $6.5 billion during the year, nearly more than its two closest competitors combined.
In addition, the publication ranked Cushman & Wakefield No. 1 in multi-family sales in New York City. The team dominated this sector with a 37 percent market share and 16 closed deals totaling $2.98 billion during the year, more than its three closest competitors combined. The multi-family ranking has larger meaning in 2018 as Real Estate Alert noted, that “for the first time, annual apartment sales surpassed those of offices, traditionally the busiest property sector.”
The Real Estate Alert rankings – for both office and multi-family -- measure investment sales volume and market share based on an analysis of all transactions of at least $25 million for the 2018 calendar year. Nationally, Cushman & Wakefield’s market share increased 53.3 percent, more than double the increase of any major competitor. The firm ranked third overall with 12.7 percent market share.
Additionally, a rankings list published by The Real Deal confirmed that Cushman & Wakefield held the number one spot as the city’s top investment sales firm across all property types for the second year in a row. The firm increased its dollar volume by more than 150 percent to $16.49 billion during the past year, which was more than the combined total of the next three firms on the list. The Real Deal’s ranking measures all 2018 sales transactions valued at $1 million or more.
“We are focused on building a trusted advisory practice led by an outstanding group of professionals. We aim to offer outstanding advice to our clients by delivering the knowledge and the insights that come from the strength of our global platform,” said Carlo Barel di Sant’Albano, Chief Executive of Cushman & Wakefield’s Global Capital Markets and Investor Services business. “The recent news of our growing market share and rankings is another confirmation that our clients and the market are recognizing this momentum.”
The New York Institutional Capital Markets team, led by Doug Harmon and Adam Spies, closed the two most notable transactions in the city this year, representing Jamestown in its $2.4 billion office sale of Chelsea Market to Google and representing Starrett City Associates in the sale of Spring Creek Towers, a multi-family property in Brooklyn. The $2.4 billion sale of Chelsea Market was the largest deal in Manhattan in 2018 and one of the most iconic in history as it was the largest “single” asset sale in New York City to date. The team also sold Spring Creek Towers, the nation’s largest federally subsidized apartment complex, to Brooksville Company, a residential real estate firm, and Rockpoint Group, an institutional investment firm, for $905 million. The $905 million sale of Starrett City was the largest individual multi-family property sale in both New York City and the United States in 2018.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
