Gary Phillips

TPG and PAG took over Cushman & Wakefield in May 2015 when DTZ, the UK-based real estate services firm the venture acquired in 2014, merged with C&W in a $2B deal. The Ontario Teachers' Pension Plan was also invested in the joint venture, but the pension fund is holding on to its shares in C&W. The merger created a combined company with 250 offices in 50 countries. It went public three years later in August 2018, raising $765M at a valuation of around $3.1B. Cushman & Wakefield has a $2.6B market capitalization, based on Friday’s closing price of $11.72. The stock is down around 38% from when it first went public, but it is up 7.6% year to date and has seen a 20% rally in the last month. Shares were down around 2% early Monday.

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I had a great conversation with Michael Bull, CCIM about the retail property market last week. Check out the recording here: https://lnkd.in/grHfbEXV #CRE MSCI Real Assets

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An understanding of the lower middle market is crucial for maximizing acquisition value. Read about how our experts and Soundcore Capital Partners collaborated to devise a plan to integrate two rival businesses. #privateequity #PE https://okt.to/EdtUl6

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In New York, we’re seeing incredible rental growth in residential rents, a drop in sublet space for offices, a resurgence of retail, and increased developer interest as new tax incentives have been announced. Let’s hope that soon, when asked about the market, we can say that we have turned the corner and are on our way back. Read my latest article for Forbes: The Psychology of the Real Estate Market: https://lnkd.in/et4Vt_4Y #realestate #realestatemarket

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Forum CIO Jay Miller recently sat down with FundFire real assets reporter Davide Mamone and detailed Forum’s perspective surrounding the current attraction to the Sun Belt region’s multifamily market. When asked about some of the factors motivating interest in the region Jay noted: "One positive factor is that it is just less expensive to do business in these states. Combine that with job demand, and you have a good recipe for multifamily development and ownership." Read the full story here: https://hubs.li/Q02QwCYm0

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Different angle on the property market and also extremely interesting...some optimistic perspectives and some insightful global outlooks. After Vail Resorts investing in Switzerland, KKR is in talks to buy a European hospitality company, from a large global sovereign wealth fund...definitely worth the read... #investment #realestate #property #hospitality

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New episode on The Weekly Take: CBRE Capital Markets specialists offer insights on debt availability, capital flows, sector fundamentals and deal pricing, while our Chief Economist who comments on the economic outlook. https://lnkd.in/gzrqgF-6

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Takeaways from an interview yesterday with SL Green Chief Financial Officer Matt DiLiberto. His perspective on the dynamics of the New York City office leasing market we're definitely interesting and food for thought.Watch this and let me know your thoughts. Savills Savills North America SL Green Realty Corp. Matthew DiLiberto #nycrealestate #officeleasing

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The attached chart shows alignment among Chatham, Pensford, econforecasting.com, and CME Group's SOFRWatch on the future direction of one month term SOFR over the next 24 months. This is the predominent index for bridge and construction debt. These projections from preeminent and authoritative sources support our view that value-add and construction lending are poised for a swift resurgence in 2025 and 2026. #SOFR #Finance #Economics

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Colliers' Manhattan Office Market stats featured in a recent article where Michael Cohen and I spoke about the nearly 7M SF of space removed from the available inventory over the last few years due to planned conversions. If it weren't for these planned conversions, Manhattan's total availability would've been ~100M SF! Please read more about the state of the Manhattan Office Market in the Q3 2024 Colliers report here: https://lnkd.in/dxxCPSEQ #nycofficemarket #colliers #nyceconomy #nycofficeleasing https://lnkd.in/dTpETabT

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📉 CRE Market Update: Volume and Pricing May Have Hit Bottom in Q2 There's light at the end of the tunnel! MSCI's Capital Trends report signals a potential bottoming out of the CRE market. Here are the key takeaways: Market Decline Since 2022: The CRE market has been on a downward trajectory since the end of 2021, with significant drops in deal volume and pricing. Q2 Turnaround: MSCI's latest data suggests that the decline in both deal volume and pricing might have reached its lowest point in Q2 2024. Year-Over-Year Trends: Despite earlier falls, the year-over-year changes in dollar volume and pricing appear to have stabilized, hinting at a potential recovery. What's Next? Although Q2 shows signs of recovery, there's cautious optimism as the market could still see fluctuations in the coming months. Stay informed with #Colliers as we navigate these evolving trends! 🌟 #Colliers #Pittsburgh #MoreIn24 #ThriveIn25 #ClosersCoffee #ColliersCapitalMarkets https://lnkd.in/eBwuV6ut

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Appraisers in the U.S. need better tools that allow them to use more judgement in valuing assets. My colleague Willem Vlaming has been developing work showing that in parts of the world with low market liquidity and few comparable sales, that appraisal teams have been better able to capture the decline in asset values. http://ms.spr.ly/6040Yw5ts MSCI Real Assets #CRE

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If you want a short history of the #kkr real estate business and some insights on where we're going (plus the man who leads our business), then spend 5 mins reading this

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Well this isn't great. However, a degrading commercial real estate market highlights the importance of manager selection. Specifically, look for CRE managers that focus on deals: at the top of the cap structure via ground leases (for safety & inflation protection); that provide stability & consistency of distributions (for happy investors); with conservative break-even occupancy analyses (for riding out storms); and involving quality assets at distressed prices (for big upside potential). You may not know where to find a manager like that, but you do know where to find us.

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Indeed, there are important nuances in the multifamily supply demand equation that need to be analyzed across property types, micro-markets and more. Firms with a strong research-led approach that enables them to uncover these imbalances will be better positioned in this market.

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In the first quarter of 2024, the multifamily market in New York City saw a total dollar volume of $883 million from 190 building transactions, involving 3,325 units, according to Alpha Realty latest report on the NYC Multifamily market.   #ConnectCRE #Apartments

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REITs Post Third Straight Month of Positive Returns in July, Outperform Broader Markets The FTSE Nareit All Equity REITs Index returned its strongest monthly performance of the year in July, posting a total return of 7.2% and outperforming broader markets. The Dow Jones U.S. Total Stock Market and Russell 1000 rose 1.8% and 1.5%, respectively. While it remains unclear when the Federal Reserve will begin to cut interest rates, most investors are beginning to expect a cut in September, as inflationary measures continue to approach the central bank’s target range. The yield on the 10-Year Treasury declined 32 basis points in July to end the month at 4.05%. The dividend yield on the FTSE Nareit All Equity REITs index was 3.86% and the FTSE Nareit Mortgage REITs Index yielded 11.97%, compared to 1.27% for the S&P 500. https://lnkd.in/gJ6KaeTA

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