'Almost like a homecoming'

Real Estate Weekly, April 18, 2001 by Parke Chapman

Industry gives its approval to merger

With the dust still settling on Cushman & Wakefield's acquisition news, several industry sources weighed in on how this development will or will not alter the commercial brokerage landscape.

"I equate this to the Yankees getting Roger Clemens. There is no question that this will make us even stronger," said Lorian Marlantes, president and CEO of The Rockefeller Group, Cushman & Wakefield's parent company, speaking about the consolidation.

"It's almost like a homecoming for John and Louis [Cushman] whose grandfather founded Cushman & Wakefield. It's a nice way for them to finish their careers. We're fine with that," said Stephen Siegel, chairman and CEO of Insignia/ESG.

Siegal noted that "two competitors" have now become one.

Another industry source played down the potential impact of the acquisition.

"Insignia might lose a few more deals because of this. But this really won't have much of an impact beyond increasing Cushman & Wakefield market depth in Texas and California," said Peter Pattison, a real estate consultant.

"I think the real question is who took over who? John Cushman has an enormously strong personality. He may end up as the big winner," said Pattison.

"The possible merger reflects the ongoing consolidation in our business. We anticipate that there will be further consolidation in the near future, both because of demand in the economy and because of the demand of the clients who are seeking to be serviced by a fewer number of service providers," said Steven Swerdlow, senior managing director of CB Richard Ellis.