News on 7 September 2000

Cushman & Wakefield buys Japananese property advisor

International real estate services firm Cushman & Wakefield has acquired Japan Property Advisors K.K. (JPA), a Tokyo-based commercial property advisor.

The move marks Cushman & Wakefield's entry into the Japanese commercial real estate market and the continuation of its overall global expansion. The firm merged with Healey & Baker in 1998 following an eight year strategic alliance and recently announced initiatives in facilities management and e-commerce for Europe (see News story).

Arthur J. Mirante II, President and Chief Executive Officer, Cushman & Wakefield, Inc. said: "As a result of this deal, we have now launched our flagship office in Japan, the world's second largest economy, and have established a strong market position in each of the world's financial capitals - New York, London and Tokyo."

"Real estate costs are generally the second largest overhead item for foreign firms operating in Japan. We create value by providing our clients with the same real estate expertise and negotiating skills available to property owners in Japan, with total objectivity," added William E. Krueger, Representative Director and President of the former Japan Property Advisors, "We will now be able to deliver those services to our clients at an even higher level by tapping the international resources and world-class technological capability of Cushman & Wakefield."

Founded in 1997, Cushman & Wakefield K.K. (formerly Japan Property Advisors K.K.) is a full-service commercial property advisor, advising and representing the interests of multinational corporate clients in real estate transactions. Services include office leasing tenant representation, real estate acquisition and disposition, property valuation, real estate research, consulting and strategic advice.

All the firm's Japanese staff active in client advisory work have many years of experience in the Japanese commercial property markets, are bilingual and licensed to practice real estate in Japan. The senior expatriate manager, William E. Krueger, has lived in Tokyo and worked in the Japanese commercial property market since 1987 and is fluent in Japanese. He is believed to be the first westerner licensed as a Japanese real estate agent.

As a result of this acquisition, Cushman & Wakefield now operates in 46 countries and employs over 10,000 people worldwide.


Richard Byatt


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