NEW YORK CITY-Cushman & Wakefield said Monday that 2010 revenues showed strong growth over 2009 results, tying the gains to activity in the world’s major business districts. Sales and leasing volume rose $14 billion worldwide to reach $67 billion, while net income for the year was $25.7 million, compared to a net loss of $115.8 million in 2009.
“Last year represented the start of a global recovery in commercial real estate services prompted by decision making with regard to pent-up demand for capital allocation and to provide for occupier space needs,” Glenn Rufrano, C&W’s president and CEO, says in a release. Demand for “core assets in core markets” drove much of the capital activity in ’10, he adds, while increased availability of capital was also a factor.
The company figured in more than 27,000 property sales and leasing transactions last year, with an aggregate value of nearly $67 billion. These included the $930-million sale of the John Hancock Tower in Boston to Boston Properties; the approximately $616-million acquisition of the Porta Di Roma shopping center in Italy by Allianz and Corio; and the $1.1-billion sale of approximately 2,000 residential and commercial ADC loans.
C&W says while leasing and capital markets led the way, all of its service lines saw year-over-year revenue growth, including corporate occupier & investor services, valuation & advisory and consulting. The corporate occupier platform in particular gained strength from the increased trend toward corporate real estate outsourcing.
Looking ahead, C&W says it’s well positioned to pursue its strategic growth initiatives, thanks to significantly improved cash flow and debt reduction. Turin, Italy-based Exor SpA is the company’s majority stakeholder.
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