How a New York real estate startup became a global commercial property giant

Countries & Cities · Published 10 October 2026 Swipe more like this →

In short: Founded by two brothers-in-law in 1917, Cushman & Wakefield evolved from a local New York City office into a massive international firm. Today, it manages billions of square feet of property, navigating complex corporate mergers, high-stakes legal battles, and the shifting landscape of global commercial real estate markets.

The firm began on October 31, 1917, when J. Clydesdale Cushman and Bernard Wakefield established their partnership in New York City. Early growth was marked by strategic positioning, such as opening a rental office in the General Motors building in 1926 and participating in the land assemblage for the United Nations headquarters in 1946. By the 1960s, the company began a national expansion, eventually attracting corporate interest that led to its acquisition by RCA Corp in 1969.

The modern iteration of the firm is the result of significant consolidation. In 2015, the commercial real estate services firm DTZ acquired Cushman & Wakefield for $2 billion, merging the two entities under the Cushman & Wakefield brand. This move was backed by a group of investors including TPG, PAG Asia Capital, and the Ontario Teachers' Pension Plan. The combined entity reported 45,000 employees and $6 billion in revenue at the time of the merger, later growing to approximately 53,000 employees and $10.3 billion in revenue by 2025.

Beyond its growth, the firm has faced notable financial and political scrutiny. In 2018, the company went public on the New York Stock Exchange, though it faced challenges regarding its debt-to-revenue ratio, which stood at 44% that year. More recently, the firm made headlines for its relationship with the Trump Organization. Following the January 6, 2021, United States Capitol attack, Cushman & Wakefield severed all business ties with the organization. This separation was followed by legal complications, including a 2022 contempt of court ruling related to subpoenas for documents concerning the Trump Organization's properties.

Today, the firm operates across nearly 60 countries with over 350 offices. Its services span leasing, capital markets, and valuation advisory, maintaining a vast portfolio that includes billions of square feet under management. The company's history reflects the broader trends of the commercial real estate industry, moving from local brokerage to a global service provider that balances massive transactional volume with the complexities of international corporate governance.

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