LONDON-Cushman & Wakefield has confirmed that it is closing down its commercial property auctions team, based here, as of mid-May. John Townsend tells GlobeSt.com that his team has resigned and will move to CB Richard Ellis after May 12.
David Erwin, CEO with Cushman’s UK Capital Markets, said in a statement that he wishes Townsend “all the very best.” The company is continuing to focus on growing and investing in other higher margin areas of its capital markets business including Central London and retail.
“The reality today is that volumes and prices in commercial auctions sales are falling and our focus is on continuing to grow and invest in higher margin areas of our capital markets business,” Erwin said. The company’s most recent offering included 37 properties available for a total of about $19 million.
Townsend’s current team, which has raised in excess of $2.1 billion in the past five years with an overall success rate of 86%, includes Martin Christopher and David Margolis. Chris Mills reportedly will join the team at CBRE. A spokesman at CBRE did not return a call for comment. Townsend says he cannot speak further about the move.
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