Cresa Expands into London
- Apr 14, 2014
Cresa has long been known as a leader in tenant-only commercial real estate services, and now the firm is increasing its footprint across the pond and beyond. The company just announced the expansion of its platform into London, and its plans to set up shop in Hong Kong.
“We’ve grown domestically to a size where we can start to really seriously think about growing worldwide, and so we’ve taken that first step-and-a-half with London, and Hong Kong to come,” Rich Rhodes, a managing principal with Cresa, told Commercial Property Executive.
Cresa’s tenant-only representation removes the conflicts of interest from the real estate services equation, and it’s a platform for which the firm has witnessed an increasing demand among office and industrial users ranging from corporations to government agencies to non-profits. In 2013 alone, Cresa closed in excess of 100 assignments across 25 different countries outside of North America. “We have a lot of international clients, as most firms do, and we want to make sure that they are properly serviced, so we’re very sensitive to that,” said Rhodes.
To launch its London debut, Cresa has brought the former DeVono Commercial Property Advisors into the fold, thereby creating Cresa DeVono. DeVono has served as the leading occupier-only representation firm in London since its inception in 2003. Cresa was, of course, careful about selecting the proper firm for to serve as the stage for its entrée into Europe. The key factor was culture, and the two firms’ cultures matched perfectly. As Rhodes explained, “Our platform is unique. We’re not going to merge with just anybody else. We want it to be the right fit.”
In terms of just where in the world Cresa will pop up next, well, the real estate community will have to wait and see. “The groups that we’re talking to have very significant relationships with other countries so we’ll see if that leads to anything,” Rhodes added. “But we’re cautious; we’re just being smart about it. So this is not the end, this is the beginning.”