Cushman & Wakefield Expands Reach in Pennsylvania

Timothy Goetz, Managing Director, Cushman & Wakefield. Image courtesy of Cushman & Wakefield

After an 18-year alliance with Grant Street Associates Inc., Cushman & Wakefield has acquired the Pittsburgh commercial real estate services firm.

Financial details were not disclosed. Approximately 20 members of the Grant Street Associates team have joined Cushman & Wakefield, including Timothy Goetz, managing principal at Grant Street Associates. His new title is managing director at Cushman & Wakefield.

Roberta Liss, president of the East region for Cushman & Wakefield, said in a prepared statement Grant Street Associates is one of the most recognized and well-respected real estate firms in the Greater Pittsburgh region and they look to working together to continue growing the global firm’s presence in Pennsylvania. Founded in 1993, Grant Street Associates currently represents more than 5 million square feet of office, flex and retail space in the downtown and suburban areas of Pittsburgh.

Roberta Liss, President of the East region, Cushman & Wakefield. Image courtesy of Cushman & Wakefield

Mike McCurdy, managing principal of Cushman & Wakefield’s Greater Philadelphia and Baltimore regions, will oversee operations in Pittsburgh. He said in prepared remarks the acquisition will enable Cushman & Wakefield to tap into new markets and continue taking market share across different industries and asset classes that thrive in Pittsburgh, including technology, health care, multifamily and industrial.

McCurdy said the two firms have synergy and Goetz added joining Cushman & Wakefield will enable the Pittsburgh team to utilize the global platform of the larger firm while still providing best-in-class services to clients.

Earlier deals

In a similar move, Cushman & Wakefield in early January announced the acquisition of longtime alliance member Pacific Commercial Realty Advisors located in Central California and Idaho. PACCRA, which has more than 40 brokers, has offices in Bakersfield, Fresno and Santa Clarita in California and Boise, Idaho.

Mike McCurdy, Managing Principal, Cushman & Wakefield. Image courtesy of Cushman & Wakefield

Operated by partners Vincent Roche, Duane Keathley, Jeff Andrew and Wayne Kress, PACCRA had been an alliance member of Cushman & Wakefield since 2012. The PACCRA team specializes in all asset classes including industrial, office, retail, hospitality, investment, land and multifamily.

Late last year, Cushman & Wakefield completed two key transactions totaling $650 million. The firm made a $150 million strategic investment in coworking powerhouse WeWork in November. The investment came after the two firms announced an exclusive strategic partnership in August aimed at combining WeWork’s proprietary hospitality and technology-enabled services with Cushman & Wakefield’s asset and facilities management services.

In October, Cushman & Wakefield acquired a 40 percent stake in Greystone’s agency, FHA and servicing businesses for $500 million. The joint venture expanded Cushman & Wakefield’s reach into the mortgage origination and servicing arena and allowed Greystone the ability to invest in new products and expand other offerings including bridge and CMBS products. The deal closed in December.