Cushman & Wakefield Announces PropTech Partnership with Fifth Wall
Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, today announced its strategic partnership with Fifth Wall, a venture capital firm focused on technology solutions for the global real estate industry.
Fifth Wall fosters collaboration between innovative technologies for the built world and industry-leading incumbents from all sectors of the real estate industry. Fifth Wall’s second fund is one of the largest real estate venture capital funds raised to date, closing at $503 million and more than doubling the size of its initial fund, which closed in May 2017 at $212 million.
“We’re committed to identifying and partnering with organizations that can help us develop the next generation of technology solutions for our clients, our colleagues and the built environment," said Brett White, Executive Chairman & CEO, Cushman & Wakefield. “We believe we’ve found a great partner and advisor in Fifth Wall, and together, we can help put Cushman & Wakefield’s clients at the center of some of the most innovative technology solutions in our industry.”
“Fifth Wall sees powerful network effects in our unique fund model as it becomes a centralized platform for the world’s largest real estate companies to share insights and access new technologies to enhance their businesses,” said Brendan Wallace, Co-Founder & Managing Partner at Fifth Wall. "Working with innovative, forward-looking real estate companies like Cushman & Wakefield gives Fifth Wall the unique lens to evaluate new and disruptive technologies in our industry and to de-risk our investments through the strategic partnerships we structure with them.”
Cushman & Wakefield’s property technology (PropTech) strategy focuses on strategic partnerships across its global platform with a variety of organizations, including MetaProp NYC, Plug and Play and 1871. The firm also recently entered into technology relationships with innovative companies like Saltmine and Reonomy.
“Our PropTech partnerships make us more efficient, ensuring our firm evolves as quickly as the technologies that are disrupting our industry,” said Adam Stanley, Chief Information Officer and Chief Digital Officer at Cushman & Wakefield. “That means we can use our partners’ technology to continue delivering the best value to our clients and other stakeholders. Fifth Wall adds a powerful and impactful partner to support our strategy and advance the industry.”
About Fifth Wall
Fifth Wall is the largest venture capital firm focused on technologies for the global real estate industry (property technology or “proptech”). With $1 billion capital under management across three funds, Fifth Wall connects the world’s largest owners and operators of real estate with the technology entrepreneurs who are redefining the future of the physical environment. Fifth Wall is backed by a global mix of strategic limited partners (LPs), including British Land, CBRE, Cushman & Wakefield, D.R. Horton, Equity Residential, Gecina, GLP, Hines, Host Hotels & Resorts, Hudson Pacific Properties, Lennar, Lowe’s Home Improvement, Macerich, Marriott International, MERLIN Properties, MetLife Investment Management, Mitsubishi Estate, News Corp, Prologis, PulteGroup, SEGRO, Starwood Capital, Related Companies, Toll Brothers and others. These LPs represent the largest potential customers and partners for the global Built World ecosystem, resulting in game-changing investments and partnerships in the most promising portfolio companies in retail, residential and multi-family, commercial, industrial, hospitality, and more. For more information on Fifth Wall, its partners, and portfolio, visit www.fifthwall.vc.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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