News on 7 September 2000
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.
