C&W purchased the 50% of the firm it did not already own. "The deal itself is relatively small in the course of things, but the strategy is important," says Americas CEO Tony Marano. "Our partners down there wanted to go in a different direction, so they approached us." The company also has operations in Mexico City, Juarez and Monterrey and roughly 170 employees.
"When we enter a new geography, we do it through an alliance or affiliation," he says. "As the relationship matures it makes sense to come to an arrangement, but it's got to be a win/win for the partner and C&W." Cushman has had a relationship with the Mexican firm for 14 years.
This of course isn't the first time C&W has made such a move, and in fact, the strategy has been played out for decades. It started with C&W's purchase of London's Healey & Baker in 1998. That first foray onto the global stage started with the creation of what C&W termed a strategic alliance in 1990. In more recent times, the Russian affiliate, Stiles & Riabokobylko, and Royal LePage in Canada also changed their status from affiliate to wholly owned.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
