Genesis Capital is pleased to share that Cousins Properties Incorporated (NYSE: CUZ) has reached an agreement to sell its Third Party Client Services Business to Cushman & Wakefield. The business unit, known as Client Services Group (CSG) provides third party services, including leasing, property management, and project management, to owners of Class A office buildings in Atlanta and Dallas. Cousins Properties will continue to own and operate its fee business that is not associated with the Client Services Group.
“We are very excited about this transaction – we really consider it a partnership – and view this as a win-win for Cousins, C&W, and most importantly, our clients,” said Larry Gellerstedt, President and CEO of Cousins Properties. “This not only ensures that our clients will be part of a broad global platform and can leverage all of the benefits that come with it, but is also consistent with Cousins’ strategic goal of simplification and a heightened focus on our core business.”
Under the terms of the agreement, up to 128 professionals will transition from Cousins to Cushman & Wakefield, providing immediate enhanced capabilities for clients supported by Cushman & Wakefield’s Investor Services and Leasing groups in two key geographic areas.
The transaction is expected to close by year end, subject to customary conditions and minimum third party consents.
Genesis Capital, LLC acted as financial advisor to Cousins Properties and King & Spalding provided legal counsel.
Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office and retail projects. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 3,500 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more, please visit www.cousinsproperties.com.
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly-owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.