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Cushman & Wakefield has taken a piece of Cresa’s pie in Los Angeles.
C&W has bought Cresa Partners of Los Angeles, the firm announced Tuesday. The 40-person team is spread across three offices in West Los Angeles, Woodland Hills and Westlake Village. Cresa focuses exclusively on occupiers.
“This is a significant milestone for Cushman & Wakefield, and we are excited to add the depth of occupier services talent this exceptional group from Cresa offers. Our platform locally as well as regionally is now even stronger and more robust,” Cushman & Wakefield President of the West Region Dan Broderick said in a statement.
The terms of the acquisition weren't shared.
“This acquisition was a strategic priority from both sides and will greatly benefit our talented professionals,” said Matthew Miller, formerly managing principal at Cresa and now executive vice chairman with Cushman & Wakefield.
Miller represented Creative Artists Agency, or CAA, in its nearly 303K SF lease for an unbuilt tower in Century City earlier this year. He is a founding member of Cresa, according to its website.
There have been two Cresa offices in LA for awhile now, one that is internally referred to as Downtown LA and the other, Westside LA, that was sold. The Westside wing, Cresa Partners of Los Angeles, was independent, Cresa CEO Tod Lickerman told Bisnow. Cresa had known for years that the owners of Cresa Partners of LA intended to sell their business, Lickerman said.
Lickerman said Cresa has been preparing to have only one office in Los Angeles for about three years, and now that the sale is complete, it will focus on building out that office to cover the city, aiming to double the roughly 34-person office over the next two years.
Cresa, like many other brokerages, is growing. Earlier this month, it announced it would acquire and merge with Dallas-Fort Worth-based company ESRP, which also specializes in tenant representation. Other brokerages have recently moved to add more services or broaden their reach. Earlier this month, Colliers acquired a major stake in investment firm Rockwood Capital, “the latest step in our ambitious growth strategy to build a world-class investment management platform,” Colliers CEO and Chairman Jay Hennick said at the time.
UPDATE, MAY 18, 6:45 P.M. PT: The story has been updated with a comment from Cresa CEO Tod Lickerman providing additional information about the sale and Cresa's future plans in LA.
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