Cushman & Wakefield Plc - CWK STOCK NEWS

Cushman & Wakefield has appointed Todd Savage as Executive Managing Director of Office Investment Sales. Based in Dallas, Savage brings over 24 years of commercial real estate experience and will focus on representing institutional office investors in Dallas-Fort Worth while expanding investment sales across Texas.

Savage joins from JLL, where he served as Senior Managing Director, having joined through the HFF acquisition. His track record includes involvement in more than $23 billion in commercial real estate transactions, including investment sales, sale/leasebacks, and joint venture arrangements.

The appointment comes at a strategic time as Texas experiences continued growth in the office market alongside a more stable capital markets environment. Savage holds an MBA from Southern Methodist University and serves on several industry boards including NAIOP and ULI's North Texas Industrial/Office Product Council.

Cushman & Wakefield (NYSE: CWK) has appointed Robert Thornburgh as Regional President of the Southwest Region, overseeing operations in Southern California, Nevada, Phoenix, Colorado, Utah and Idaho. Based in Los Angeles, Thornburgh will be responsible for the company's strategic growth, client service delivery, talent development, and recruiting in the Southwest region.

Reporting to Victoria Malkin, President of Americas Markets, Thornburgh joins CWK from his previous role as Chief Executive of the Society of Industrial and Office Realtors (SIOR), where he successfully improved member retention, increased membership, and enhanced brand recognition. In his new position, he will focus on strengthening client relationships and helping investors and occupiers identify opportunities in both established and emerging markets across the Southwest region.

Cushman & Wakefield has appointed Tom McDonnell as Executive Regional Director to lead the firm's Northwest Region, encompassing Northern California, Oregon, and Washington. Based in San Francisco, McDonnell will report to Victoria Malkin, President of Americas Markets.

In addition to his regional leadership role, McDonnell will serve as Head of Americas Office Agency Leasing, where he will drive strategic client engagement and business development. McDonnell joins from Shorenstein, where he served as National Leasing Director managing a 20-million-square-foot portfolio across 18 major U.S. markets. During his 20-year tenure there, he arranged over 600 lease agreements totaling more than $1 billion.

In his new position, McDonnell will focus on talent recruitment and retention, business development, and fostering collaboration across service lines to enhance client outcomes.

Cushman & Wakefield has announced the appointment of Kenneth Krasnow as Vice Chair, who will be based in the Boca Raton office. Krasnow will focus on providing advisory services for local public sector entities and higher education institutions in Florida.

With a career spanning since 1987, Krasnow returns to Cushman & Wakefield where he started his career in New York City, spending nearly 20 years with the firm. He most recently served as Vice Chairman for Colliers International's Institutional Investor Services platform in Florida, where he was responsible for public sector client procurement and managed 40 key accounts.

The appointment aligns with Cushman & Wakefield's growth strategy in Florida, where the firm maintains the largest property and facilities management portfolio in the state. The company's South Florida offices consistently rank at the top of their respective markets in the commercial real estate services industry.

Cushman & Wakefield (NYSE: CWK) has announced it will release its fourth quarter and full year 2024 financial results on Thursday, February 20, 2025, at approximately 7:00 a.m. ET. The company will host a conference call at 9:00 a.m. ET on the same day to discuss the results. Investors can access the call through domestic (1-844-825-9789) or international (1-412-317-5180) dial-in numbers using passcode 1366930. A live webcast and audio replay will be available through the company's investor relations website at http://ir.cushmanwakefield.com.

Cushman & Wakefield (NYSE: CWK) has successfully completed a repricing of its $990 million Term Loan issued in January 2023. The repricing reduces the interest rate by 25 basis points, from Term SOFR plus 3.00% to Term SOFR plus 2.75%. The Term Loan's maturity date of 2030 and other terms remain substantially unchanged.

Chief Financial Officer Neil Johnston emphasized that this transaction demonstrates the company's commitment to maintaining a strong financial foundation for future growth opportunities, while acknowledging the support of their lenders in achieving this successful repricing.

Cushman & Wakefield has appointed Dave Lancaster as Executive Managing Director in their Equity, Debt & Structured Finance (EDSF) platform. Based in Chicago, Lancaster will lead EDSF services focused on capital markets advisory for production home builders across the U.S.

The appointment targets the residential home building market, valued at over $500 billion, with approximately 1.4 million homes built annually and an estimated 63,000 production home builders. Lancaster joins from Tile Capital, where he was a Founding Principal, bringing experience from roles at Builders Capital, JPMorgan, UBS, and Carmel Partners.

The strategic hire aims to address the increasingly complex single-family residential debt market, where homebuilders require sophisticated capital advisory for debt structuring and new off-balance sheet land acquisition strategies.

Cushman & Wakefield has strengthened its Northern California presence by hiring a premier multifamily brokerage team led by Keith Manson as Vice Chair, along with Zachary Greenwood (Managing Director) and Mac Watson (Senior Director). The trio, joining from CBRE where they were top producers, will lead C&W's Northern California Multifamily Capital Markets practice from San Francisco and East Bay offices.

The team brings over 20 years of experience in the San Francisco Bay Area, specializing in multifamily and mixed-use asset sales, apartment development land, and condominium conversions. Manson, a multiple Costar Power Broker recipient, was consistently ranked among CBRE's top ten brokers in East Bay offices.

This strategic hire reinforces C&W's commitment to its multifamily platform, aiming to better serve investor clients across Northern California and the US. The team emphasizes the region's strong potential for multifamily investors, citing robust millennial labor pools and high housing costs driving rental demand amid development supply.

Cushman & Wakefield (NYSE:CWK) reports that U.S. industrial vacancy rates increased by 20 basis points to 6.7% in Q4, while quarterly net absorption rose 10.5% to 36.8 msf from Q3's 33.3 msf. However, this represents a 20% year-over-year decline.

Key highlights include:

• New leasing activity reached 130 msf in Q4, down 15.7% year-over-year
• Projects under construction decreased 36% to 290.5 msf
• New construction deliveries fell 48% year-over-year to 85.3 msf in Q4
• Asking rents increased 1% quarterly to $10.13 psf, with a 4.5% annual growth

The Inland Empire and Dallas/Fort Worth markets exceeded 45 msf in new leasing activity for 2024. The South and West regions dominated completions, accounting for 50% and 29% of the 2024 annual total, respectively.