Cushman & Wakefield expands role in real estate investment banking.

Cushman & Wakefield announces a major expansion of its commitment to its real estate investment banking and capital markets initiatives through the purchase of a minority interest in Apogee Associates, LLC, a New York-based real estate securities and advisory firm specializing in REITs, commercial mortgage backed securities (CMBS) and capital market strategies.

In connection with that investment, Cushman & Wakefield and Apogee have entered into a partnership to enhance Cushman & Wakefield's activities in the sale of large single assets and portfolios of assets, capital market research, proprietary financial products and portfolio strategies for both taxable and tax exempt clients, corporate real estate divestitures, and structured finance.

The partnership responds to the fundamental forces transforming the real estate industry: the rise of public operating companies, the dramatic shift in property ownership from private to public entities, the integration of real estate with the global capital markets, the increasing application of corporate finance concepts and technologies to real estate, and the establishment of REITs as the major new factor in real estate investment, valuation, and ownership.

"As commercial real estate assets continue to be transferred from private to public hands, it is important for us to provide clients with the ability to understand and to evaluate these public companies and their new market currency," said Leonard F. Helbig, III, executive managing director of Cushman & Wakefield Asset and Financial Services.

Apogee was founded in 1995 by Bart Steinfeld and Randall Zisler, and advises major institutional investors and money managers on REITs, CMBS, real estate securities portfolio strategy, and real estate property performance. Apogee, which has been a pioneer in the development of portfolio and capital markets analysis for real estate investors, provides investment advice and portfolio strategy to the Guggenheim Realty Fund, a fund of managed separate accounts specializing in U.S. and international debt and equity real estate securities.

Apogee's principals have extensive capital markets, structured finance, and real estate research experience and have participated in some of the largest public and private real estate transactions of the last 15 years, including RTC transactions, CMBS securitization, REIT financings and large property sales. Its principals have also advised numerous institutional investors and capital management. In addition, they have advised foreign and domestic government agencies, including the U.S. Department of Labor, the Resolution Trust Corporation, the Federal Deposit Insurance Corporation, and the Government of Singapore Investment Corporation.

Apogee is also a pioneer in real estate asset allocation in the context of the liabilities of life insurance companies and pension funds, particularly as it pertains to potential portfolio restructurings, property and real estate securities allocations, and property dispositions.

"Our partnership with Apogee gives us the benefit of having a truly objective, conflict-free partner to assist us in advising clients in our day-to-day sales and finance activities," said Cushman & Wakefield Senior Managing Director of Financial Services Stephen Jones.

Cushman & Wakefield's Financial Services professionals have completed more than $13 billion in sale and finance transactions during the last 24 months. This includes a transaction value in excess of $5 billion over the last six months.

Financial Services, Cushman & Wakefield's real estate investment sales and finance division, offers clients a range of services aimed at bringing together real estate assets and investment capital. Its services include equity and loan sales, acquisition advice, traditional mortgage placement, and real estate-related corporate and structured finance.