CHICAGO, February 5, 2020 – Cushman & Wakefield (NYSE: CWK) announced today that it has entered into a definitive agreement to acquire Pinnacle Property Management Services, LLC, the third-largest multifamily property management firm in the U.S.
The acquisition—which is subject to customary closing conditions, including receipt of all applicable antitrust approvals—will establish a foothold for Cushman & Wakefield across 20 key U.S. multifamily markets and will significantly enhance the firm’s ability to meet the ever-growing demand for fully integrated real estate services from multifamily investors.
Pinnacle manages more than 169,000 units across 839 properties for a variety of top multifamily owners including institutional, private and foreign investors; financial institutions; pension funds; private partnerships; sole owners; and government housing groups.
“The acquisition of Pinnacle greatly enhances our ability to provide a full complement of services to the many investors active in the multifamily space,” said Carlo Barel di Sant’Albano, Chief Executive of Global Capital Markets & Investor Services for Cushman & Wakefield. “Pinnacle is a proven industry leader with the specialized expert knowledge to help us seamlessly execute our clients’ multifamily investment strategies through the entire investment life cycle.”
“We are thrilled to join Cushman & Wakefield, one of the world’s most admired commercial real estate brands, which shares our client-centric focus and commitment to service excellence,” said Rick Graf, President & CEO of Pinnacle, who will lead the Americas Multifamily Property Management platform for Cushman & Wakefield. “Cushman & Wakefield’s scale, depth of resources and exceptional people will add tremendous value for our current and future clients.”
With the acquisition, Cushman & Wakefield will manage a total of more than 869 million square feet for our investor clients across the Americas.
“This acquisition is a monumental step for Cushman & Wakefield and our Asset Services platform as we expand our capabilities in an asset class that presents incredible future growth opportunities,” said Marla Maloney, President of Asset Services, Americas. “With a strong reputation for service and cultivating high-performing talent, we are confident that Rick and the Pinnacle team will continue that tradition of excellence as part of Cushman & Wakefield.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.