Cushman & Wakefield’s latest acquisition puts a few local properties under new management and continues an expansion of the global brokerage firm’s Canadian services.
The U.S.-based commercial real estate firm, which is also Ottawa’s largest brokerage firm based on number of agents, announced Tuesday that it has acquired Ontario-based property management firm 20 VIC. It oversees assets across the country, including four Ottawa properties: Carlingwood Shopping Centre, Billings Bridge Centre and Tower, and 2211 Riverside Dr.
The move folds 20 VIC’s more than 21 million square feet of Canadian property under Cushman & Wakefield’s umbrella, and returns the global firm to the property management field in Canada, which the firm exited in the 1990s.
Nathan Smith, head of Cushman & Wakefield in Ottawa, says the acquisition “completes the package” of services the firm can offer its clients in Canada. The company’s traditional verticals include its corporate services, property appraisal and brokerage businesses.
That’s not to say that Cushman & Wakefield is any stranger to property management. The firm manages 13,000 assets comprising 1.4 billion square feet of property around the world, Mr. Smith told OBJ.
The experience and service ability that comes with such a sizeable portfolio will be a boon to 20 VIC’s own services, Mr. Smith said.
“The strength and size of the Cushman & Wakefield global property management business will benefit 20 VIC.”
The move continues Cushman & Wakefield’s expansion into Canada, including its 2005 acquisition of Royal LePage Commercial.