CUSHMAN & WAKEFIELD AND GRUPO COMERCIAL INMOBILIARIO ANNOUNCE JOINT INITIATIVE
CUSHMAN & WAKEFIELD AND GRUPO COMERCIAL INMOBILIARIO
ANNOUNCE JOINT INITIATIVE
NEW YORK, Oct. 22 /PRNewswire/ -- Cushman & Wakefield announced today that it has formed a joint initiative with a major Mexican commercial real estate firm. The new company will be headquartered in Mexico City and will operate as Cushman & Wakefield/GCI.
Through the agreement, a first for the real estate services industry, Cushman & Wakefield has entered into a partnership with Grupo Comercial Inmobiliario ("GCI"), a real estate brokerage firm based in Mexico City. The announcement was made in New York by Arthur J. Mirante II, president and chief executive officer of Cushman & Wakefield, and in Mexico City by Antonio Gutierrez Cortina, chief executive officer of GCI.
Cushman & Wakefield becomes the first major U.S. brokerage firm to establish a permanent office in Mexico City. Cushman & Wakefield/GCI is already handling a number of assignments for American corporations with needs in Mexico, and has commenced several agency leasing assignments in Mexico City for Fondo Opcion, a major Mexican developer and investment fund.
"Mexico City, the world's largest metropolis, has witnessed impressive growth during the past few years. American corporations are beginning to take advantage of this burgeoning market," said C&W's Mirante. "Through our agreement, we will be able to service the needs of our clients in Mexico City as well as in Monterrey, Guadalajara, and along the U.S.-Mexican border."
"With the recent completion of the North American Free Trade Agreement, combined with an already increased level of business between our countries, I expect our initiative to have a profound impact on Mexico as well as the United States," said GCI's Gutierrez. "We explored partnership opportunities with major U.S. firms and concluded that C&W is the preeminent real estate services company in America."
Cushman & Wakefield/GCI will be staffed with a managing director and seven office and industrial brokers, including several C&W brokers who will relocate to Mexico City to join the organization. Cushman & Wakefield/GCI will establish a market research database to provide statistics on the Mexican market. Mexico City currently has an office market of 70 million square feet with a vacancy rate of approximately 6 percent.
In 1990, Cushman & Wakefield signed a similar agreement with Healey & Baker, a London-based real estate consultancy, to provide services for its clients throughout Europe. Cushman & Wakefield is exploring additional relationships in Canada, Japan and South America.
Cushman & Wakefield, a commercial real estate services firm, exclusively serves the needs of business in real estate. Its diversified services include office and industrial/technology sales and leasing; land sales; financial, appraisal and management services; development consulting and market research. Celebrating the 75th anniversary of its founding in 1917, Cushman & Wakefield is a member of the Rockefeller Group.
/CONTACT: Terry Spillane of Cushman & Wakefield, 212-841-7932/ CO: Cushman & Wakefield ST: New York IN: SU: JVN GK-LD -- NYTH010 -- 3333 10/22/92 09:06 EDT