Commercial Real Estate Firms M&A Activity: Newmark, Cushman, JLL

Barry Gosin of Newmark, Brett White of Cushman & Wakefield and Christian Ulbrich of JLL

From left: Barry Gosin, Brett White and Christian Ulbrich (Photo illustration by Alexis Manrodt)

In commercial real estate, throwing shade can occur at the highest levels.

After negotiations between JLL and Cushman & Wakefield regarding a potential Cushman acquisition fell apart, JLL CEO Christian Ulbrich said, “We haven’t seen anything which we would think was worth spending our shareholders’ money on.”

Ulbrich made his comments on JLL’s third-quarter earnings call this month. Cushman CEO Brett White had his chance a few days later. Addressing his investors, White said he was “disappointed that no great opportunities have come down the road the last four or five months.”

The real estate slump has walloped the big commercial real estate service firms with stock prices down in a range from the low double digits to nearly 50 percent. But it hasn’t dampened their appetite for M&A deals. Firms are eager to tap

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