Cushman & Wakefield (NYSE: CWK) announced Feb. 6 it has entered into a definitive agreement to acquire Addison-based 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 will greatly enhance 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 soon 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 its 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.”