Cushman & Wakefield Plc - CWK STOCK NEWS

Cushman & Wakefield (NYSE: CWK) reported a 4Q 2020 revenue of $2.3 billion, down 13% year-over-year, driven by impacts from the COVID-19 pandemic. Full-year revenue fell to $7.8 billion, a 10% decrease. The company posted a net loss of $27.3 million for 4Q and $220.5 million for the full year. Adjusted EBITDA decreased 34% in 4Q to $198.1 million, and 31% for the year, totaling $504.3 million. Despite challenges, CWK generated over $300 million in cost savings and reported liquidity of $2.1 billion as of year-end.

On February 23, 2021, Cushman & Wakefield announced that Prominence Tower in Atlanta has earned the Fitwel 1 Star Rating for its health-focused building strategies. This certification is significant as Prominence Tower is the only building in Georgia to achieve it under the Multi-Tenant Base Building standard. In the past year, the building saw over 50,000 sq ft of leasing activity. Additionally, it received both LEED Gold and Wired Certified Platinum designations in 2020, further affirming its commitment to health and sustainability.

Cushman & Wakefield (NYSE: CWK) announced the hiring of a leading multifamily investment sales team, including Chris Sower, Bruce Lusa, Jon Bryant, John Flaherty, and Kevin Jones. Led by Executive Managing Director Sower, the team will operate in Boston and enhance the firm’s multifamily capabilities in Greater New England. With a focus on acquisitions and joint ventures, the group brings over $5 billion in sales volume. This strategic expansion follows Cushman & Wakefield's acquisition of Pinnacle Property Management Services, strengthening its national multifamily platform.

Cushman & Wakefield (NYSE: CWK) has been recognized for the 10th consecutive year in the 2021 Global Outsourcing 100® list by IAOP, marking significant achievement in the outsourcing sector. The firm ranks in the Leader category for large global firms, evaluated on Customer References, Awards, Innovation Programs, and Corporate Social Responsibility. CEO Bill Knightly emphasized the challenges faced during the past year and the company's commitment to support clients with innovative solutions. Cushman & Wakefield continues to optimize real estate portfolios, ensuring excellence in service delivery.

Cushman & Wakefield (NYSE: CWK) has been appointed by Argent Ventures to manage 115 Tabor Road, a 465,133-square-foot office building in Morris Plains, New Jersey. This marks the third property management relationship between the two firms. The building is transitioning from a single-tenant to a multi-tenant Class A office space, featuring upscale amenities such as a corporate cafeteria, a state-of-the-art fitness center, and structured parking for over 1,000 cars. The property is strategically located near commuter rail services.

Cushman & Wakefield (NYSE: CWK) announced a £57 million ($77 million) forward purchase agreement for a purpose-built student accommodation (PBSA) asset in Bristol, England. The property will feature 357 student beds and over 92,000 square feet of amenities, including a gym and cinema. The asset is leased to the University of Bristol, aligning with their students' long-term needs. The property aims for a BREEAM Excellent rating as part of its sustainability strategy, demonstrating ongoing demand from investors in challenging economic conditions.

Cushman & Wakefield (NYSE: CWK) is set to announce its fourth quarter 2020 financial results on February 25, 2021, after market close. The results will be followed by a conference call at 5:00 p.m. EST, accessible via a dedicated phone line and a live webcast on their investor relations website. In 2019, the company reported revenues of $8.8 billion and employs about 53,000 staff across 400 offices worldwide.

Cushman & Wakefield (NYSE: CWK) has successfully acted as the exclusive advisor to SL Green Realty Corp. and its joint venture partner, securing $360 million for refinancing 100 Park Avenue, a 903,000-square-foot, LEED Gold-certified office property in Midtown Manhattan. The financing was provided by Aareal Capital Corporation. The property maintains 95%+ office collection rates, even during the COVID-19 pandemic, highlighting its strong tenancy and appeal due to its prime location near Grand Central.

Cushman & Wakefield (NYSE: CWK) facilitated the $65.5 million sale of Harbor Pointe, a 344-unit apartment complex in Mount Pleasant, South Carolina. The transaction involved the seller, The Crotts Group, and the buyer, Audubon. Harbor Pointe, built in 1987, is strategically located near over 98,000 jobs and major economic hubs, presenting significant future rental growth potential. The property spans 32 acres and has opportunities for capital infusion to increase rents by over $300 per unit, reflecting the area's competitive market with high barriers to entry.