Cushman & Wakefield has announced that in line with its strategy to expand and align its facilities management services globally, it has acquired full ownership of a joint venture, Corporate Occupier Solutions 'COS', formed with EC Harris in 2006. As of May 1, 2011, the joint venture ceased to exist and the FM business became an integral part of the firm's global Corporate Occupier & Investor Services (CIS) division in EMEA.
COS was formed in 2006 as a joint venture between Cushman & Wakefield and EC Harris to provide integrated facility, project, transaction and asset management services to corporate real estate clients across Europe, Middle East and Africa. The joint venture manages corporate real estate services for corporate clients in nearly 800 buildings across more than 50 countries with 130 staff.
Following a strategic review by both Cushman & Wakefield and EC Harris, it was agreed that a single ownership model would provide the focus required and global scale to continue to develop and grow the business and secure new contacts. There will be no disruption to existing clients and all employees will become part of Cushman & Wakefield's CIS division.
John C. Santora, President and CEO of C&W's Corporate Occupier and Investors Services said; "The acquisition of EC Harris' 50% interest in COS is in line with Cushman & Wakefield's strategy to expand and develop its global FM capability as an integral part of its Corporate Occupier & Investors Services offering which provides real estate strategies for large international corporations and property owners."
EC Harris will continue to provide support to specific COS clients in line with current arrangements and plans to further expand its property operations and facilities management services to corporate real estate clients in its own right through its market-leading management consultancy, project and facilities management services.
Paul Bacon, CEO of Cushman & Wakefield in EMEA said: "Facilities management is a core service line within our global offering for corporate occupiers and owners and is a key strategic growth target for the firm. With this service line under full ownership in EMEA we can continue to expand and enhance this capability to meet the growing demand from our clients and secure new mandates."
Source: Cushman & Wakefield