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Moving with confidence.

2010-2011 Review


Signature Assignments World Trade Center, New York Willis Tower, Chicago Heron Tower, London Porta di Roma, Rome Nordstar Tower, Moscow Central Saint Giles, London United Technologies, The Americas

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Chairman’s Message Co-Chairman’s Message President & CEO’s Message Chief Financial Officer’s Message Service Lines Capital Markets Corporate Occupier & Investor Services Global Consulting Leasing Valuation & Advisory


Regions The Americas Asia Pacific EMEA

34 36

Brand in Action Sustainability Giving Back


Global Directory

Governance Board of Directors Service Lines and Corporate Leadership

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Moving with confidence.

2010-2011 Review

Confidence to lead, to innovate, to achieve This is the dawning of a new age for organizations and global economies. Cushman & Wakefield supports your real estate needs with a full platform of aligned global services, expertise, resources and research. From sustainability strategies to workplace transformation, from global supply chain restructuring to preeminent global capital markets services, and always, the best-available leasing solutions, Cushman & Wakefield is there as your trusted partner to help you navigate change. Together, we will continue moving with confidence.

One World Trade Center rises C&W Services Leasing & Advisory Client The Port Authority of New York & New Jersey/ The Durst Organization Building One World Trade Center Location New York, NY Size Office space – 3 msf Leased – 1.2 msf Available – 1.8 msf 104 floors, 71 office floors

The confidence to see no limit to what’s possible We are advisers to the Port Authority of New York & New Jersey and The Durst Organization, serving as exclusive leasing agents for One World Trade Center, a project that has rebuilt confidence in the future of Lower Manhattan.


Heron Tower reaches new heights C&W Services Leasing, Asset Management Client Heron International Building Heron Tower Location London, UK Size 440,000 sq. ft., 36 floors

The confidence to raise the bar We have been engaged as exclusive leasing and managing agents for the City of London’s tallest office tower, which has transformed the skyline and set a new standard for the modern building.


Allianz acquires Porta di Roma C&W Services Capital Markets, Research, Retail Leasing Client Allianz Location Porta di Roma – Rome, Italy Size 1.4 msf (combined retail, leisure space)

Confidence is going shopping for the entire center We advised a partnership of Allianz SE and Corio on their acquisition of Italy’s largest shopping center, Porta di Roma, a testimony to their confidence in the value of premier assets in prime locations and the expertise of our team.


Naming rights for Chicago icon C&W Services Leasing, including naming rights; Project Management Client Willis Group Holdings Building Willis Tower (Formerly Sears Tower) Location Chicago Size 140,000 sq. ft.

Confidence is asking for what you want We advised Willis Group on its regional headquarters relocation and the renaming of Sears Tower, the tallest building in the Western Hemisphere.


TNK-BP consolidates in Moscow C&W Services Corporate Occupier & Investor Services, Office Agency Client TNK-BP Building Nordstar Tower Location Moscow, Russia Size 405,799 sq. ft. lease

Confidence is making the first move We advised TNK-BP on the largest office lease in Moscow in two years, consolidating its 12 regional offices to a new headquarters and enabling maximum efficiency.


Transforming London’s West End C&W Services Leasing & Advisory, Captial Markets, Development Consultancy Client Central Saint Giles Limited Partnership (50/50 joint venture between Legal & General and The Mitsubishi Estate Company) Location London, West End Size 400,000 sq. ft. offices (net internal area 10 floors)

The confidence to help transform an emerging market Our London office team’s development consultancy and leasing expertise contributes to the success of a new development, transforming London’s West End into an exciting location to live and work.


UTC and C&W: The sky is the limit C&W Services Corporate Occupier & Investor Services Client United Technologies Corporation Location The Americas Size 1,300 locations, 52 msf

Knowledge & precision: ultimate confidence boosters As the preferred strategic advisor for United Technologies Corporation’s North American portfolio, we share a commitment to precise execution and a vision for constant innovation, two key factors in a soaring success story.


10 Leadership Messages

12 14 16 18 20 22 26 28 30 32

C hairman ’s Message

Our renewed commitment to strategic growth

“Our aim and commitment is to distinguish Cushman & Wakefield as the most creative, entrepreneurial and highquality real estate service provider.”

EXOR, the investment company of Italy’s Agnelli family, made its initial majority investment in Cushman & Wakefield in March of 2007. EXOR recognized in Cushman & Wakefield a powerful global brand and international platform with inherent growth potential. As a majority shareholder, EXOR has been a dedicated and engaged partner in Cushman & Wakefield’s strategic vision, playing an integral role in bringing Glenn Rufrano to the company last year and maintaining its determination to support the company’s initiatives to build out its platform, develop best in class operating practices and maximize its potential on behalf of clients, employees and shareholders. In early 2011, that dedication to Cushman & Wakefield continued with my own transition from CEO of EXOR, a capacity in which I served for five years, to Chairman of the Board of Cushman & Wakefield, based in London. It is a role that Glenn and I view as a catalyst to help accelerate the company’s growth strategy, with an emphasis on supporting the strategic plan priorities. Our aim and commitment is to distinguish Cushman & Wakefield as the most creative, entrepreneurial and high-quality real estate service provider. We believe our focus must be to consistently provide the highest quality service to our clients across the world.


With offices on six continents, the scale of our platform is only one example of the increasingly global nature of commercial real estate, a landscape that our senior management recognizes as rife with opportunities. In this global market, where industry leadership hinges on seamless coordination across regions and disciplines, backed by local expertise and execution, our ability to provide clients with the most consistent service will continue to be one of our strongest advantages. Going forward, we will emphasize the need for global coordination. This is the key to uncover the best opportunities for growth and investment, and to identify best practices from all world regions. It is also an increasing requirement of our clients. Today, the Cushman & Wakefield Board of Directors has a renewed commitment to strategic growth. With a strong balance sheet, clear vision and the backing of a supportive majority shareholder and partner in EXOR. Following a strong rebound in 2010, I look back with appreciation to our clients for their ongoing trust in the value of the Cushman & Wakefield platform, and with thanks to our professionals for outstanding effort and service. The next few years will present ongoing global challenges but with the commitment and hard work of the Cushman & Wakefield team, we aim to achieve our ambitious objectives.

Carlo Sant’Albano Chairman of the Board


C o - C hairman’s Message

Marking 94 years of client-focused service

“Cushman & Wakefield will continue to differentiate its service offering through our client commitment and level of service, which we expect will reinforce the strength of the brand and position the firm well to continue gaining market share across the globe.”

In 2011, Cushman & Wakefield will celebrate 94 years of service to the commercial real estate services industry, an unparalleled track record among the sector’s leading firms of uninterrupted service under a single brand. That rich history has at its core a basic formula for success – client service. From the root of our commitment that our clients come first stems a long tradition of creativity, innovation and pride that has resulted in the completion of many of the most prominent projects and assignments in history – including the assemblage of land for the United Nations in New York, and the development of Sears Tower in Chicago (now Willis Tower) and Arco Plaza (now City National Bank Plaza) in Los Angeles, to name only a few. In 2010 and early 2011 that tradition continued with the completion of the largest sales and leases worldwide, including the $930 million sale of the John Hancock Tower in Boston (the largest pure property investment in the U.S. last year), the $589 million acquisition of Porta di Roma, one of Italy’s largest shopping centers, and the $730 million sale of Capital Square, a premier class-A office building in Singapore.


In leasing, the company advised TNK-BP in the largest office lease in Moscow in more than two years, the 360,000-square-foot lease at Nordstar Tower. In New York, the company advised Deloitte in its 436,000-square-foot lease, and more recently, Lazard in its 420,000-square-foot world headquarters lease, both in Rockefeller Center. We also completed a lease for more than 900,000 square feet for Nomura at Worldwide Plaza. In Paris, the company advised Ernst & Young in its 365,000-square-foot lease. These are the types of transactions that are Cushman & Wakefield’s calling card. They represent the experience of our professionals worldwide, and the level of commitment and trust instilled in our firm by the world’s leading investors and corporations. For the 12 months ended December 31, 2010, Cushman & Wakefield’s brokerage and services professionals completed more than 27,000 transactions with an aggregate value of more than $67 billion, an increase of approximately 26 percent year over year, up from $53 billion in 2009. As the economy continues to recover, as business investment grows and as capital continues to target debt and equity positions, transaction volumes will continue to rise in 2011 and 2012. Against that backdrop, Cushman & Wakefield will continue to differentiate its service offering through our client commitment and level of service, which we expect will reinforce the strength of the brand and position the firm well to continue gaining market share across the globe.

John C. Cushman, III Co-Chairman of the Board


P resident & CEO ’ s Message

Our strategic plan charts a confident course

“Cushman & Wakefield will continue to offer the most comprehensive, highest quality and consistent services in the world’s major business districts.”

I joined Cushman & Wakefield as CEO in March 2010, with a conviction that the brand and market timing presented a terrific opportunity. After two years of declining real estate values and transaction volumes that were the by-product of the global recession and credit crisis, the economy began to strengthen in 2010 and significant amounts of capital were raised to compete for prime assets in established and emerging markets. Cushman & Wakefield has long been recognized as a premier global brokerage and services firm, and with its core competencies in real estate, its global scale, talent and deep client relationships, I was extremely confident that the business would benefit disproportionately from improving market fundamentals and rising transaction volume. For the full year 2010, the company generated very significant growth in revenue, positive net income and EBITDA of $107 million. Perhaps most importantly, we generated strong cash flow, which we used to pay down debt to extremely low levels – a strategy that enables access to capital at favorable terms to fund growth moving forward. For 2011, we continue to maintain a very positive outlook. This is a view based on our expectations for the global economy, but more importantly on the implementation of our new long-term strategic plan, which we developed and refined over a six- to nine-month period last year with input from senior management, as well as professionals from multiple disciplines and clients around the world. 14

In essence, our plan aims to leverage Cushman & Wakefield’s brand, its geographic footprint and services platform to the maximum benefit of clients, employees and shareholders. We expect the plan to be the cornerstone from which we continue to build increased revenue and profit margin, which will enable continuous improvement through the ability to reinvest in our strategic initiatives. Our geographic footprint, 234 offices in 61 countries, is essentially complete. Our focus is not about having more offices in more locations than our industry peers. Instead, Cushman & Wakefield will continue to offer the most comprehensive, highest quality and consistent services in the world’s major business districts. We’re initially pursuing our plan to enhance services on a regional basis through selective recruitment, but we recognize there may be near-term value-added opportunities to make acquisitions. We’ll pursue both strategies. One thing is for certain. The recession is over and the momentum has shifted. We now have the wind firmly at our back, and we are moving forward with confidence.

Glenn J. Rufrano President & Chief Executive Officer

Cushman & Wakefield’s Global Footprint

13,000 employees 234 offices 61 countries


E xecuti v e Vice President & Chief Financial Officer

Stage set for continuing growth

“Every region and service line saw revenue growth year over year. In particular, global investment sales and leasing volumes – the company’s largest sources of revenue – rose dramatically.”

The fourth quarter of 2010 represented Cushman & Wakefield’s fifth consecutive quarter of double-digit revenue growth, a testament to the strength of the company’s leadership position in the world’s largest economies, which have experienced the strongest recovery to date as economic conditions continue to improve. For the full calendar year, gross revenue rose more than 13 percent to $1.8 billion, while commission and service fee revenue increased by approximately 16 percent, to $1.4 billion. As top-line performance improved, the bottom line was enhanced by the company’s expense reduction efforts undertaken in 2008 and 2009 and its continuing focus on maintaining strong financial discipline and operating efficiency. On a U.S. GAAP basis, this combination of strong revenue growth and more efficient operations resulted in positive net income of $25.7 million in 2010, an increase of $141.5 million over prior year performance. Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) totaled $107.3 million, an increase of 278 percent from EBITDA of $28.4 million the prior year. Every region and service line saw revenue growth year over year. In particular, global investment sales and leasing volumes – the company’s largest sources of revenue – rose dramatically. Pentup demand drove new debt and equity investment in real estate, and leasing volumes rose along with the desire of businesses to lock in long-term value – and in many cases flexibility for current and future growth – in advance of a market rebound. 16

On a regional basis, gross revenue in the Americas region totaled $1.3 billion, gross revenue in the Europe, Middle East and Africa region totaled $361 million, and gross revenue in the Asia Pacific region totaled $116 million. A focus on financial discipline contributed to a year-over-year decrease in operating expenses of $94.2 million, or 10.5 percent, excluding any impact from foreign currency exchange. This performance and operating efficiency led to significantly improved cash flow and debt reduction, as reflected in the company’s net debt, which improved by $122.9 million, or 67.6 percent year over year. At the end of 2010, the company’s leverage ratio was reduced to less than 1x EBITDA, as defined in the company’s credit agreement, providing the firm with access to cost-effective capital to fund its strategic growth initiatives going forward.

Robert P. Rozek Executive Vice President & Chief Financial Officer

2005-2010 2005-2010 Performance Performance Highlights Highlights Gross Revenue (billions) Asia

Number of Transactions (thousands)





Transactions Total Square Feet (billions)








20.0 0.6

$1.5 15.0


$1.0 10.0 $0.0

























Value of Transactions (billions of dollars) Asia


Total Square Feet Managed (billions) Asia






0.8 0.7

$100.0 0.6 0.5


0.4 $50.0

0.3 0.2


0.1 $0.0















C apital M arkets

Moving into recovery

“…with an encouraging pipeline of mandates, we are very excited about our prospects for the year and are highly energized by the opportunity we have to work with you in creating the preeminent global capital markets capability.” Greg Vorwaller Executive Vice President, Global Head 2010 was a year marked by challenge, accomplishment and change – and better-than-expected recovery in transaction volumes worldwide. Last year, global investment volumes rose 43 percent to $582 billion, the third highest total of the past ten years. While 50 percent of the peak in 2007, this is over 80 percent of the five-year average and, in some markets activity levels reached new highs – notably in Asia and Latin America. On a percentage basis, volumes in the US led the way, increasing 139 percent year-over-year, while on an absolute dollar basis, the transaction activity was greatest in Asia Pacific, in particular China. Although an independent “League Table” does not exist, our best guess is that our almost $25 billion in global investment sales and acquisitions would rank Cushman & Wakefield as one of the top-two investment sales and acquisitions advisors in the business worldwide – quite an accomplishment given the challenges the market has presented over the past few years. It is also noteworthy that we gained a leadership position in retail investment sales in Europe, inclusive of the UK, with a close to 25 percent share of the market, and that our colleagues in the Netherlands achieved the top ranking for investment sales with a market share of close to 30 percent. With global investment volumes forecast to rise by up to 10 percent, 2011 is clearly presenting challenges, but also upside risks. This view acknowledges the headwinds we face, not least of which include the geopolitical turmoil in the Middle East, the uncertainties surrounding sovereign debt issues in Europe and devastating tragedies in Japan and elsewhere resulting from the forces of nature. However, with an encouraging pipeline of mandates, we are very excited about our prospects for the year and are highly energized by the opportunity we have to work with you in creating the preeminent global capital markets capability. 18


O’Connor Capital Partners CWSG arranges sale of junior mezzanine loan Cushman & Wakefield Sonnenblick Goldman was retained to explore potential recapitalization options for O’Connor Capital Partners’ junior mezzanine loan position on 510 Madison Avenue. The vacant newly constructed 350,000 sf trophyquality office and retail building in Midtown Manhattan’s prestigious Plaza District had been the subject of litigation between the borrower and the senior mortgage holder. CWSG marketed the opportunity to a select group of potential investors on a highly confidential basis during an eight-week marketing program. After a thorough marketing process by CWSG, O’Connor Capital Partners’ position was purchased for $22.5 million by Boston Properties, which negotiated a deal with the borrower that resulted in Boston Properties gaining title in exchange for repayment of the senior mortgage, senior mezzanine loan, transfer tax and other closing costs.


Active Investment 8

C&W structures 50/50 joint-venture ownership

C&W successfully manages complex disposition sale

Heitman had been seeking suitable investment opportunities in Central Europe for its latest value-added property investment fund, Heitman European Property Partners IV (HEPP IV). The Capital Markets group introduced Heitman to the opportunity to acquire a 50 percent share of Arena Centar Zagreb. The deal was agreed to “off market” when construction work and leasing were still underway. C&W, through the Budapest office and with the cross-border team in London, provided advice and support to Heitman throughout the process, from the initial introduction through the due diligence and to the closing. Heitman, on behalf of HEPP IV, signed a 50/50 joint venture with TriGranit Development Corporation for the ownership of Arena Centar Shopping Center, Zagreb, Croatia. The asset value was about $291 million.

The Oimachi Redevelopment Project consists of large twin retail buildings in Tokyo. As the Asset Manager, C&W faced three challenging hurdles in the sales transaction. Firstly, during the marketing period, a prospective purchaser dropped out late in the process. C&W was faced with sourcing a new investor and negotiating the sale and closing within only 45 days to meet our client’s expectations. Secondly, one of the buildings was shared by 25 joint owners, including our client vehicle, SPC. Finally, C&W needed to achieve a high sales price. Our team successfully sourced a new Japanese investor and gained the approval of all joint owners. The SPC held the properties as hard assets, but our team changed the structure to a trust scheme just before the disposition in order to save the acquisition tax for the buyer and add extra value to the seller, who was able to achieve a higher sales price.

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C orporate O ccupier & Investor Ser vices

Core values drive change

“Organizationally, we implemented many exciting changes, including…the rebranding of our business unit from Client Solutions to Corporate Occupier & Investor Services.” John C. Santora President & Chief Executive Officer

In 2010, as corporate real estate outsourcing strengthened worldwide, Cushman & Wakefield’s Corporate Occupier & Investor Services (CIS) continued to gain major multi-service assignments globally and regionally, expanding our relationships with the world’s leading corporations and institutional investors. A prime example is the strategic advisor contract we signed with United Technologies Corporation (UTC) in 2010. CIS assumed responsibility for the delivery of integrated services including transaction management, project management and strategic advisory services for UTC’s entire North American real estate portfolio, covering approximately 52 million square feet of space and 1,600 properties. Addressing complex portfolio and asset challenges is CIS’s core capability, and our services are considered strategically and tactically exceptional. The marketplace clearly recognizes these advantages: in 2010, CIS was awarded new or renewed business totaling 516 million square feet. As the firm’s largest operating division, CIS has over 7,000 dedicated employees, who manage more than 700 million square feet of properties and portfolios on six continents. In 2010, our project managers oversaw nearly 6,000 projects totaling 215 million square feet and we are now approaching two billion square feet of lease administration assignments. Organizationally, we implemented many exciting changes, including the global re-alignment of our services, appointment of a new global leadership team, and the rebranding of our business unit from Client Solutions to Corporate Occupier & Investor Services. Our comprehensive service offerings, along with the firm’s commitment to make significant investments in our business, our people and our resources, positions CIS for strong, sustained growth in the years to come. Most importantly, our clients will continue to benefit from the highest quality services and technology available. 20


Avon Cosmetics Ltd.



C&W workplace strategy leads to sustainable design

C&W’s creative solution wins client respect

C&W delivers Project Management across Asia Pacific

Avon Cosmetics Ltd. wanted to consolidate 11 buildings on their 28acre site in Northampton, England, and asked C&W to review existing facilities and interview staff to establish a requirement for a new building. The resulting workplace strategy proposal suggested consolidation to one 110,000 sf building.

After C&W presented an 18-month plan for operational efficiencies to Mexichem Brazil, the company retained us in April 2010 to provide facilities management and maintenance services for three of its industrial plants in Brazil, totaling more than 1.3 million sf. When Mexichem expanded at the end of 2010 with the acquisition of Bidim, Plastubos and Doutores da Construção, the firm sought further C&W solutions.

EMC² is expanding rapidly in the eastern hemisphere and needed to engage a real estate company that met its regional coverage needs for Project Management services for a mix of new premises, relocation, expansion, consolidation, restack, and churn projects. C&W signed a regional framework agreement to meet EMC²’s requirements.

Avon decided to design a new building on its site. C&W coordinated a team of consultants and oversaw a design that promoted integration and collaboration. Our team managed the entire assignment, including the base build, tenant fit-out, furniture procurement and installation and move management. We also oversaw the demolition of existing buildings, site preparation and the provision of temporary facilities for staff during the transition. The construction was completed on time and within budget. The building was shortlisted for a number of awards and has a secured a Green Apple Environmental Award for its sustainable design.

C&W helped structure Mexichem’s facilities services and bring a common vision and procedures to the newly acquired industrial plants, which totaled 5.4 million sf. With the plants thousands of miles apart, added creativity and flexibility were required. C&W proposed improving fleet management – a sensitive issue, as it involved upper-level sales relationships. We set up a small fleet management team aimed at improving process flow and renegotiating deals with car fleet companies. Users were highly satisfied with the results, which achieved substantial savings and paved the road for future innovation.

Because the EMC² internal project delivery team is located in Singapore, C&W assigned a Single Point of Contact Account Manager in Singapore to internally coordinate with all the regional C&W delivery teams. The Account Manager also ensures EMC² policies, procedures and guidelines are fully complied with and that best practice solutions are implemented. To date, C&W has delivered more than 40 EMC² projects successfully in India, China, Singapore, Hong Kong, Japan, the Philippines, Australia and New Zealand. The regional agreement has enabled our client to greatly reduce the time and internal workload taken to procure the project delivery team.

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G lobal C onsulting

Waking up to a new day

“Cost is now top of mind, and our clients are willing to consider innovative ideas that were once off limits.” Thomas Bomba Senior Managing Director

The past few years have been a difficult time for the global economy. Companies cut headcount, shelved new investments, and delayed important decisions – real estate included. From our position as Cushman & Wakefield’s management consultancy business, I’m cautiously optimistic to report that the US and global economies are slowly gaining momentum. While the strategic questions that clients are asking us are similar to those before the financial crisis, they are entering the recovery with a different mindset. Cost is now top of mind, and our clients are willing to consider innovative ideas that were once off limits. As a result, Global Consulting is the fastest growing business line within Cushman & Wakefield, adding a deeper strategic dimension to the services we offer our clients. In our changing global market, our professionals are playing a critical role in helping our clients around the world integrate their business strategies and operational needs with their real estate solutions. As we move through 2011 and beyond, we remain excited about the strategic plans and business opportunities presented by our clients, and are committed to helping you achieve your objectives. On behalf of our entire Global Consulting team, Cushman & Wakefield looks forward to working with you and moving with confidence as your trusted real estate services provider.



Cheongna IBT Co., Ltd C&W helps create new master plan Cheongna IBT Co., Ltd required a new master plan for its four-millionsquare-foot city in Cheongna, one of the free economic zones in Incheon, Korea. Crucial prerequisites included reviewing the original master plan, consulting for diverse real estate sectors, analyzing the feasibility and developing a marketing strategy for attracting investment. Due to the dramatic changes in real estate sectors and the investment climate after the global financial crisis, a strategic approach was needed to overcome challenging market conditions and ensure the plan’s feasibility.

Our consulting team carried out a detailed analysis of each real estate sector under consideration with the main focus on the office sector, as the city was originally planned as a core business district in Cheongna. We delivered a strategic approach by studying the target industry and helping to generate demand for the office sector, which was challenging given the economic climate. Cushman & Wakefield effectively provided a new master plan, which includes a seamless, phase-byphase, integrated development plan.

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L easing

Responding to your changing needs

“... an organization’s occupancy strategy has become central to its ability to adapt, succeed and compete.”

James Underhill Chief Executive Officer The Americas

Sanjay Verma Chief Executive Officer Asia Pacific

Paul Bacon Chief Executive Officer EMEA

In 2010, leasing activity gathered strength around the world as organizations began to act on plans that had been put on hold during the global recession. In some South American and Asia Pacific markets, business surged. Generally, Central Business Districts are recovering faster than suburban markets, although we are starting to see reasons for optimism here too. Much of the CBD office activity has been led by companies seeking to solidify their positions by taking advantage of tenant-favored market conditions while they last. The flight to energyefficient buildings and achieving new efficiencies through increased density and innovative workplace design are also strong trends. Commercial real estate is more sophisticated than ever before, and in order to deliver the most effective solutions, our professionals must have a thorough understanding of our clients’ industry and business models. With constant change being driven by demographics, global economies, technology and the growing urgency to reduce our carbon footprint, an organization’s occupancy strategy has become central to its ability to adapt, succeed and compete. Across all real estate asset classes – and within every business and industry sector, Cushman & Wakefield offers specialized expertise to serve occupiers and landlords, regardless of size or complexity. In markets around the world, our teams consistently win the most challenging and high-profile leasing assignments thanks to our trusted name, respected professionals, best-inclass research, knowledge leadership – and our sheer determination to achieve the absolute best results every time for every client. Whether our clients are interested in workplace transformation, consolidation, supply chain restructuring or getting the best deal in a tight market, you can count on Cushman & Wakefield to deliver leasing strategies that address your business priorities.



Healthcare of Ontario Pension Plan C&W helps secure tenants and LEED Gold for AeroCentre V HOOPP, which has a mandate to grow its real estate portfolio to include sustainable office buildings, invited C&W to collaborate on a new building after our success in working as consultants and leasing agents on its new TELUS Tower, a LEED Gold office building in Toronto’s financial core. Since opening in 2010, the 230,000-sf AeroCentre V has become the new home of prestigious companies PepsiCo Canada and Target Canada. C&W, along with our collaborative team, was instrumental in surpassing the initial goal of LEED Silver. AeroCentre V has won several awards, most notably, the NAIOP 2010 Green Award of the Year and the 2010 Award of Excellence in Urban Design from the City of Mississauga.


Ernst & Young

C&W exceeds lease expectations for Australian HQ

C&W works out creative deal to secure new Paris location

The brief for lease renegotiation for sanofi-aventis’ Australian headquarters proved challenging with the market of North Ryde being dominated by four landlords and experiencing improving landlord conditions.

Ernst & Young held four leases totaling 593,790 sf, and challenged C&W to help fulfill three objectives: reduce its rental costs, source a unique site located in the La Défense area, and complete the transaction before 2013. Our approach involved:

The initial step was to create maximum leverage through creative design. By both knowing the market and minimizing contact to keep leverage, C&W was able to determine the best moment to finalize terms with the existing landlord.

Step 1: Conduct a comprehensive situation analysis including a full legal and financial study of the leases, and a detailed cash flow;

A fresh five-plus-five-year lease was entered into with favorable option terms. About 78,910 sf of sanofi-aventis’ existing space was leased and approximately 6,450 sf surrendered. This resulted in a sizable discount in rent over the entire lease term as well as the nine months that remained on the existing lease, generating immediate savings as per the client’s brief.

Step 2: Identify alternatives and approach developers, investors and major occupiers, and develop a benchmark analysis of alternatives; Step 3: Link with the current landlords to negotiate the conditions of leaving the lease. Ernst & Young agreed to lease 403,646 sf in the First Tower owned by Beacon Capital Partners, and was more than satisfied that all of its objectives were met. Totaling 861,112 sf, the First Tower is the highest office building ever built in France.

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Valuation & Advisory

Mapping the road ahead

“As the global real estate markets emerge from recent financial upheavals, it is crucial that investors, lenders and occupiers understand the value of their assets in the new paradigm of today’s investment climate.” Brian R. Corcoran Executive Vice President

Being a “solutions” provider has never been more challenging than it is today. While many lessons were learned in the great real estate downturn in 1990, the dramatic real estate cyclical shifts we experienced at the end of the first decade of the 21st century taught us something new. As the global real estate markets emerge from recent financial upheavals, it is crucial that investors, lenders and occupiers understand the value of their assets in the new paradigm of today’s investment climate. All real estate is now influenced, to a greater or lesser extent, by what happens on the global stage. If these influences are ignored in the appraisal process, the results can be misleading at best and inaccurate at worst. This can have profound effects on decisions taken by all those in the real estate arena. We recognize that to better serve our global client base, we need to optimize the alignments that exist within the walls of Cushman & Wakefield. It means we need to import and export “best practices” across geographic borders and across business units and service lines. We need to mine data that’s available to us because we’re “in the market” and not simply observers “of the market.” We need to leverage resources that are borne out of collaboration by attaching the most talented professionals to the most complex assignments. While our old Etch-A-Sketch has given way to an iPad, we still need to “connect the dots.” And the clearest picture will still be created by the most experienced, steady firm with the support of many steady hands to help guide it.



Cobalt Capital Partners, L.P. C&W secures financing for industrial portfolio Cobalt Capital Partners, L.P., required valuation services of 38 industrial assets in Florida, Georgia and Missouri to be completed within a 30-day time frame in order to secure financing for the entire portfolio. The client required a seamless approach, from the distribution of critical property information to the final report delivery. The portfolio consisted of over 3.9 million sf and ranged in size from 20,000 to over 300,000 sf. C&W Valuation & Advisory, comprised of the Industrial Practice Group and Portfolio Services Team, established a collaborative response to meet the challenges, utilizing our technology platform and local industrial expertise. The assignment was completed within the tight timeframe, with the client kept informed throughout the process. According to our client, “The exemplary performance and professionalism of C&W’s Industrial Practice Group and Portfolio Services Team, and their on-going communication with us throughout the process, were instrumental in finalizing an important and complex financial arrangement.”

International Paper C&W services enable forward planning C&W’s Valuation & Advisory was engaged to review, assess, conduct pertinent research, and provide recommendations relative to International Paper’s strategic plan. The assignment involved tract inspections; an assessment of the property’s physical and legal characteristics; review of current and projected demographic trends; supply and demand analyses, and conclusions and ranking of assets (by tract), categorized as hold, transitional land, entitle and develop, or disposition. Findings were then correlated with a return sensitivity model under various monetization scenarios. The services of our Valuation & Advisory team allowed our client to assess applicability of its strategic plan proposal and forward planning, relative to the asset intent and to maximizing return.

Weil, Gotshal & Manges LLP C&W helps resolve GGP bankruptcy In April 2009, General Growth Properties (GGP) filed for Chapter 11 Bankruptcy, cited as the largest real estate bankruptcy since 1980, and the largest ever by a mall operator. GGP, which owned or had interest in over 200 regional malls, seven master-planned communities, numerous office properties and retail-strip centers and several development properties, reported in excess of $25 billion in debt. Property valuations were necessary in support of restructure efforts. In May 2009, upon being retained, C&W assembled a top team of valuation professionals. Our depth of specialization in key areas such as retail valuation, litigation support and master-planned communities allowed C&W to deliver best-ofclass service. Subsequent to the reorganization approval, our engagement was amended to work with GGP and its auditors in providing valuations for fresh-start accounting and other financial reporting purposes. On November 8, 2010, GGP emerged from bankruptcy and offered new shares to the public.

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T he A mericas

Selective investment & specialization

“Today, it is imperative not just to understand the real estate component, but to understand our clients’ industries and business models.” James Underhill Chief Executive Officer

Cushman & Wakefield’s largest operating region, the Americas, spans 143 offices in nine countries. For more than nine decades, Cushman & Wakefield has maintained a leading brokerage and services platform and position of strength in the United States. Today, with wholly owned operations in Argentina, Brazil, Canada, Colombia, Mexico, Peru, the United States and Venezuela – as well as Alliance offices in Chile and 59 US markets – we have an established Americas footprint and the proven track record to meet client requirements. Our long-term focus on integration – of services and geographies – and collaboration, has led to very impressive results as market conditions improve. In 2010, our professionals in the Americas helped generate the highest revenue in Cushman & Wakefield’s history, totaling $1.3 billion, an increase of more than 14 percent from 2009. That performance is a testament to the tenure of our professionals, the integration of our services and the relationships we’ve built with our clients. Our forward strategy calls for aggressive growth through selective recruitment and retention of talent, as well as through investment in initiatives and technologies that further enhance our ability to provide the highest quality service. Commercial real estate is more sophisticated than ever before. Today, it is imperative not just to understand the real estate component, but to understand our clients’ industries and business models. As we grow our platform, our clients can be confident that we will continue to leverage our scale, our talent, and all of our resources to deliver the exceptional service for which Cushman & Wakefield has built a competitive advantage and powerful reputation.




Santander Bank


C&W due diligence leads to HQ purchase in tight market

C&W oversees record bank transaction

C&W helps achieve new green goals

Santander Bank, a client since 2000, hired C&W to sell its São Paulo headquarters. The famous Paulista Avenue property sale was to be the largest real estate transaction completed by the bank in Brazil. However, challenges were many. The 30-year-old, 380,000-sf property was best marketed as sale-vacant, but Santander wanted to lease 10,000 sf from the investor/buyer for a branch and also maintain a data center until 2014. As well, the building required expensive retrofitting and updating.

MetLife tasked C&W with implementing a consistent energy management plan for its entire portfolio, including a metric approach to gauge success. Partnering with MetLife’s Corporate Real Estate (CRE) team, C&W helped develop and implement a strategy that consisted of operational modifications, infrastructure improvements, endof-life equipment replacements, and onsite energy audits for all owned and occupied locations.

INTERCAM wanted to purchase 50,000 sf in the Central Business District of Mexico City at a time when the vacancy rate was less than 5 percent and Class A assets for sale had become scarce. C&W conducted a thorough analysis of future developments and those under construction, and provided a due diligence process to minimize risks and identify quality developers. The successful end result is that INTERCAM purchased 50,000 sf of office space at the newly developed Plaza Carso.

The C&W sales team conducted a detailed pre-marketing process, positioning the building’s postretrofit potential. C&W also synchronized timing so Santander had moved into its new headquarters by the time potential buyers were ready to visit the facility. The process resulted in five final offers, and the sale closed for a price 15 percent above market value. Following the sale, C&W was hired by the purchaser to provide property management service for the new landlord, and we continue to operate the data center for Santander.

By 2009, the portfolio had achieved a total of 12 ENERGY STAR certifications with an average score of 87. Also by this time, MetLife had six LEED certifications. In 2009 alone, four ENERGY STAR certifications and four LEED certifications (via the C&W LEED EBOM program) were achieved. In 2010, MetLife added another ENERGY STAR certification, totaling 13, and the portfolio average score increased to 91.846.

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A sia Pacific

Focus on talent

“Our immediate strategy is to refocus our energies on consistently delivering outstanding and unique solutions to meet our clients’ requirements in a changed global economy.” Sanjay Verma Chief Executive Officer

Asia Pacific, which is leading the global economic recovery, began exhibiting signs of a bounce-back by the end of 2009, with most countries in the region registering positive growth over the previous year. The trend continued in 2010, and we are witnessing several indicators that point towards gradual but steady growth. As we move into this decade, I am delighted to be leading an extraordinarily talented and committed team in the Asia Pacific region. We have a fresh perspective and a new vision that will see our energies focused on cultivating and retaining talent, consolidating and amalgamating our regional service lines to revamp our delivery platform, and harnessing growth opportunities in all existing markets with increased focus on Occupier Solutions, Capital Markets and Retail Services. We will continue to position ourselves as trusted partners for our clients. Our immediate strategy is to refocus our energies on consistently delivering outstanding and unique solutions to meet our clients’ requirements in a changed global economy. We will, at the same time, continue to selectively look at acquisitive growth opportunities wherever we see synergies with our culture and our people.




Nestlé Indonesia

GTC Real Estate

C&W meets major operational goal

C&W concludes industrial land search

C&W retail leasing establishes “best” mall

In early 2010, Invesco decided to set up its own captive office in Hyderabad and wanted to be operational before March 31, 2010. Apart from securing the office space within the aggressive timeline, another challenge was to convince the developers to provide incubation space (about 4,000 sf) as per fit-out specifications.

C&W’s challenge was to conduct a comprehensive land search and recommend options for purchase of no less than 10 hectares, along with the ability to purchase up to 25 hectares of expansion land in stages, within an area from Greater Jakarta up to West Java Province, in a short time frame and costeffective manner.

In 2009, GTC Real Estate, a subsidiary of the Netherlands-listed Kardan Group, appointed C&W to be the leasing agent of its first shopping mall in China -- Galleria, a 540,000 sf mall located in Chengdu, China. C&W’s assignment was to bring the world’s leading mid-market fashion brands to the property.

C&W fast tracked the entire transaction process. Our Project Management team helped the Transaction team monitor and manage project milestones proposed by the developer to ensure the incubation space was ready in 45 days. C&W’s strategic, out-ofthe-box advice enabled Invesco to secure the most optimal real estate solution (about 100,000 sf) and meet other requirements. Impressed, Invesco retained our firm for project management services, wherein our team coordinated with the design team in India and Invesco units in the US, incorporated LEED requirements, and ensured safe delivery of the project with the highest quality standard. The entire project was completed in just 100 days and expects to receive a LEED Gold rating.

Two preferred options were selected. The first was eliminated primarily due to a prolonged negotiation process and uncertain delivery date. The second option, SCI, met the technical requirements, with confirmed delivery of the first 15 hectares by February 2011 and the balance on or before December 31, 2011. Though the SCI site was 3.8 hectares larger than the first option, the final agreed land price was 12 percent less.

By the mall’s opening in November 2010, C&W had secured leases with over 100 brands, including Zara, H&M, Uniqlo, Mango and Sephora, and many other major brands entering the Chengdu market for the first time. Recognized as Chengdu’s first international shopping mall, it was named the “5-Star Winner of the Best Retail Project in China” by the Asia Pacific Property Awards. Galleria is now trading well, and its unique tenant mix supports the development’s bright future.

Our team finalized the deal and met the revised transaction schedule within one month after discontinuing negotiations with the first option. The quality of services was given a “4-Star” rating by Nestlé, which plans to use our templates as a benchmark for similar projects.

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Cautious optimism

“We were at the forefront of some of the most significant transactions in Capital Markets, particularly in retail, where we are clear market leaders across Europe.� Paul Bacon Chief Executive Officer

We are experiencing a period of low growth with the occasional scare, largely provoked by the sovereign debt crisis, but growth nonetheless. Western Europe rebounded strongly and Central Europe suffered but, as the year progressed, the price appeal in Western Europe began to fade. The Netherlands, Italy, France and Belgium have produced exceptional results, with solid performance from Central Europe and Spain. Russia has begun to return to a period of stability. We were at the forefront of some of the most significant transactions in Capital Markets, particularly in retail, where we are clear market leaders across Europe. Investment volumes have slowly begun to recover. Our strategic initiative, to further strengthen our occupier business, has proved highly effective, as corporate activity has begun to increase.



Neinver Polska Sp. z o.o. C&W achieves impressive results as exclusive agent The Spanish developer NEINVER required advice on the layout, tenant mix and eventual leasing of Galeria Katowicka, a mixed-use project located in Katowice, Poland. The project provides 570,500 sf of retail space and 215,280 sf of office space, and will include an innovative railway station. The $338 million investment run by NEINVER and Polish State Railways (PKP S.A.) will transform the city center. Construction, which began in Autumn 2010, is being completed in phases, with the opening of Galeria Katowicka retail gallery scheduled for Q2 2013. Our retail team, with the support of our Project Management team, advised the client on the space arrangement of the mall, circulation solutions and tenant mix. As well, a team of agents was formed to manage leasing activities. Fifty percent of gross leasable area was already let two years before the project’s opening date. Furthermore, the rents achieved are approximately 15-20 percent higher than estimated.

Mitsubishi Estate Valuation of prime London development Mitsubishi Electric instructed C&W’s Valuation & Advisory team to value Paternoster Square in London for loan security purposes. The one million sf mixed retail and office development is located in the heart of London’s financial district in the shadow of St. Paul’s Cathedral, and is home to the London Stock Exchange. Utilizing C&W’s position as London’s “real estate partner” and its expansive knowledge of retail and office sectors, our team was able to value this prime development for Mitsubishi Electric to its full satisfaction. “We chose Cushman & Wakefield due to their in-depth knowledge of the London and City markets and their ability to provide comprehensive valuation reports expediently,” commented Masayuki Sato of Mitsubishi Electric.

Ballymore Properties s.r.o. C&W supports success of office-retail development The challenge was to provide consultancy to help create a successful dominant mixed-use scheme in the center of Bratislava, Slovakia. C&W provided development consultancy services on both the office and retail elements of the scheme and was then retained as exclusive leasing agents. We leveraged our market dominance and experience in Czech, Slovakia, and across EMEA to help design a layout and scheme that would appeal to an international tenant mix and become the dominant retail and office location in Bratislava. The shopping development was almost fully pre-leased prior to opening in March 2010 – a fantastic result given the leasing conditions at that time. The office space attracted an enviable tenant line-up and, by early 2010, was already 50 percent leased to such high-profile occupiers as Metlife, British Aerospace, Allen and Overy, and other blue-chip tenants.

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LEADING SUSTAINABILITY SOLUTIONS Cushman & Wakefield began 2011 with a new Director of Sustainability Strategies, greater global field prominence, and renewed objectives to reach across borders and services to deliver the best-available integrated sustainability services and solutions. We continue to proudly uphold our Energy & Sustainability mission: to provide the highest quality and most efficient energy and sustainability solutions to enhance our clients’ assets overall performance and value.

checklist items, and highlights easy, affordable solutions to enable facility managers to identify highimpact, low-cost practices. It also identifies where additional resources are available to support the pursuit of many strategies. By sharing the Sustainability Checklist with all C&W facility and property managers, we have created a transparent process and incentive to apply green practices.

WasteWise Business of the Year Award For more on Sustainability, visit:

Global sustainability platform delivers leading client services Corporate Occupiers & Investor Services (CIS) is implementing 19 global initiatives to meet shortand long-term growth objectives in support of our five-year strategic plan. Under development is C&W’s Global Sustainability Platform. Its mission is to “create, educate, and promote sustainable value and efficient triple bottom-line results through innovation, thought leadership, and best practices for our employees, our clients, and the real estate industry.”

EMEA sustainability milestones In 2011, C&W UK was named a Leader in Sustainable Real Estate by independent analyst firm Verdantix. We also became the first managing agent in the UK to establish a standard platform for managing sustainability performance across an entire managed portfolio utilizing BREEAM In-Use, and became the first real estate services provider to implement the standard program in our own offices.


C&W UK is a founding member of the International Sustainability Alliance (ISA). Membership enables us to measure and benchmark the performance of both our own and managed client properties across Europe against thousands of other buildings of all types, using a standard set of sustainability KPIs developed by ISA.

C&W was named the 2010 WasteWise Large Business Partner of the Year by the EPA. WasteWise is a voluntary EPA program that encourages organizations to eliminate costly municipal solid waste and industrial wastes, benefiting their bottom line and the environment. The award recognizes C&W’s exceptional waste prevention and recycling initiatives, our efforts to buy recycled products and materials, along with other activities.

The new 3M Italia headquarters won MIPIM’s 2011 Green Building Award. The C&W Italy team advised on all aspects of the project, including sale and leaseback, relocation, project monitoring, space planning, interior design and project management, while integrating sustainability advice across all services.

As John Santora, President & CEO, Corporate Occupier & Investor Services, commented: “This achievement underscores our commitment to promote industry-leading best practices and working partnerships that produce measureable and historically significant environmental efficiencies throughout our managed properties.”

Award winning Sustainability Checklist

Breaking new ground with green leases

C&W employees working on the Adobe portfolio were recognized for developing an easy-to-use tool for benchmarking a facility’s sustainability progress and identifying strategies for deployment.

C&W was at the forefront of an innovative partnership to create a pioneering commercial lease model to resolve the “split incentive” stalemate, which often impedes energy efficiency investment and improvements in buildings. The “split incentive” describes a situation common in traditional leases, where building owners are burdened with upfront costs for energy efficiency, leaving tenants to reap the benefits

The C&W Sustainability Checklist – the 2010 CIS Global Best Practices Competition Winner in the sustainability category – includes nine categories with 92 individual

CUSHMAN & WAKEFIELD GIVES BACK of reduced energy costs and landlords with little incentive to invest in energy upgrades. The groundbreaking new Energy Aligned Lease template, allowing tenants and owners to share in the costs and benefits of energy efficiency improvements, was created through a collaborative process involving C&W’s Facilities Management team, the New York City Mayor’s Office of Long-Term Planning and Sustainability, a prominent Manhattan law firm tenant, WilmerHale, and World Trade Center developer Silverstein Properties. C&W Canada has also been the leader in green lease development. C&W professionals were involved in deploying the first green lease in Canada for the Fairmont Raffles Hotels head office and are working with the Bank of Montreal to incorporate a green leasing process into the bank’s CSR policies.

Index identifys green building value and opportunity C&W, partnering with the Better Bricks initiative of Northwest Energy Efficiency Alliance, released its second version of the Green Building Opportunity Index at the end of May 2011. The Index is the first tool to rank top US office markets on the basis of both real estate fundamentals and green development characteristics. This year’s version is expanded from 25 to 30 markets, with updated information on market conditions and green trends. The Index provides an innovative approach to identifying the best opportunities and locations for green investment.

Giving back to support communities and those less fortunate is a priority at the heart of our brand, fueling the passion of our people around the world.

Governance Board of Directors

Paul Bacon Chief Executive Officer EMEA London

John C. Cushman III Co-Chairman of the Board Los Angeles

Alessandro Nasi Senior Vice President, Business Development CHN, Italy

Michael J. Bartolotta Vice President & Chief Financial Officer EXOR, New York

Pierre Martinet Managing Director EXOR, Geneva

Glenn J. Rufrano President & Chief Executive Officer New York

Carlo Sant’Albano Chairman of the Board London John C. Santora President & Chief Executive Officer Corporate Occupier & Investor Services New York

Management Committee


Paul Bacon Chief Executive Officer EMEA London

Joyce Phillips Executive Managing Director Global Head Human Resources

Sanjay Verma Chief Executive Officer Asia Pacific

Gene Boxer Executive Managing Director Global General Counsel & Secretary Legal

Robert P. Rozek Executive Vice President Chief Financial Officer Finance

James Underhill Chief Executive Officer The Americas

Celine T. Clarke Executive Managing Director Global Head Corporate Communications

Glenn J. Rufrano President & Chief Executive Officer New York

Greg Vorwaller Executive Vice President Global Head Capital Markets

Brian R. Corcoran Executive Vice President Global Head Valuation & Advisory

John Santora President & Chief Executive Officer Corporate Occupier & Investor Services New York

World Headquarters Cushman & Wakefield, Inc. 1290 Avenue of the Americas New York, NY 10104 1-212-841-7500 Tel

CANADA Headquarters Cushman & Wakefield 33 Yonge Street, Suite 1000 Toronto, Ontario M5E 1S9 Canada 1-416-862-0611 Tel 1-416-359-2613 Fax

MEXICO Headquarters Cushman & Wakefield de Mexico Corporativo Arcos Norte B Paseo de los Tamarindos No. 60, 2o.piso Col Bosques de las Lomas Mexico, D.F. 05120 Mexico +5255-8525-8000 Tel +5255-8525-8091 Fax

SOUTH AMERICA Headquarters Cushman & Wakefield South America Building Berrini 500 Praca Jose Lannes, 40 – 3 fl. São Paulo 04571-100, Brazil +5511-5501-5464 Tel +5511-5501-5144 Fax

Europe, Middle East, & Africa Headquarters Cushman & Wakefield 43/45 Portman Square London W1A 3BG England +44-20-7935-5000 Tel +44-20-7152-5360 Fax

Asia-Pacific Headquarters Cushman & Wakefield 26/F The Headquarters Building 168 Xizang Zhong Lu Shanghai 200001, China +8621-2320-0808 Tel +8621-2320-0909 Fax

The Americas

Missouri Kansas City St. Louis

Wisconsin Milwaukee

Nevada Las Vegas


UNITED STATES Alabama Birmingham

New Hampshire Manchester

Arizona Phoenix Tempe Tucson

New Jersey East Rutherford Edison Morristown

British Columbia Vancouver

California Inland Empire Los Angeles L.A. South Bay L.A. West Marin/Sonoma County Oakland Orange County Sacramento San Diego Downtown San Diego Eastgate San Francisco San Jose Walnut Creek

New York Albany Binghamton Buffalo Corning/Elmira Hudson Valley Islandia Ithaca Melville N.Y. – Downtown N.Y. – Midtown Rochester Syracuse Utica Watertown Westchester County

New Brunswick Moncton Saint John

Germany Berlin Düsseldorf Frankfurt Hamburg Munich

Newfoundland St. John’s

Greece* Athens

Nova Scotia Halifax

Hungary Budapest

Ontario London Newmarket Ottawa Toronto Central Toronto East Toronto West

Ireland* Cork Dublin

Colorado Colorado Springs Denver

North Carolina Charlotte Raleigh/Cary Raleigh/Durham

Connecticut Hartford Stamford Delaware Wilmington District of Columbia Washington DC Florida Ft. Lauderdale Ft. Myers Jacksonville Miami Orlando Palm Beach Gardens Tampa Georgia Atlanta Savannah Hawaii Honolulu Illinois Chicago Chicago Sub Indiana Bloomington Indianapolis Kentucky Louisville Maine Portland Maryland Baltimore Bethesda Massachusetts Boston

*If you need assistance in one of these countries, please contact Alisa Zotimova Head of Alliance Program & New Markets, EMEA Tele +44.20.7152.5136

Michigan Detroit Grand Rapids Holland Kalamazoo Lansing Muskegon Minnesota Minneapolis Minneapolis Sub

Ohio Cincinnati Cleveland Columbus Toledo

Alberta Calgary Edmonton

Manitoba Winnipeg

Québec Montréal Suburban Montreal Central Mexico Ciudad Juárez Guadalajara Mexico City Monterrey

England Birmingham London City London West End Manchester Thames Valley France Paris

Israel* Tel Aviv Italy Bologna Milan Rome Kazakhstan* Almaty Kosovo Pristina Lebanon* Beirut Luxembourg*

Oklahoma Oklahoma City Tulsa

South America

Macedonia* Skopje

Oregon Portland

Argentina Buenos Aires

Pennsylvania Philadelphia Philadelphia Sub Pittsburgh

Brazil Manaus Porto Alegre Rio de Janeiro São Paulo São Paulo (Barueri)

Netherlands (The) Amsterdam Rotterdam

Puerto Rico San Juan South Carolina Charleston Greenville/ Spartanburg Tennessee Chattanooga Knoxville Memphis Nashville Texas Austin Dallas El Paso Houston San Antonio Utah Clearfield Park City Provo Salt Lake City St. George Virginia Fredericksburg Lynchburg McLean Newport News Norfolk/Virginia Beach Richmond Roanoke Washington Bellevue Seattle

Northern Ireland* Belfast

Chile Santiago

Norway* Drammen Oslo Stavanger

Colombia Bogota

Poland Warsaw

Peru Lima

Portugal Lisbon

Venezuela Caracas

Romania Bucharest Timisoara


Russia Moscow

Austria* Vienna

Scotland Edinburgh Glasgow

Bahrain Manama Belgium Brussels Bulgaria* Sofia Channel Islands* Jersey Czech Republic Prague Denmark* Copenhagen

Serbia* Belgrade Slovakia Bratislava South Africa* Cape Town Durban Johannesburg Pretoria Spain Barcelona Madrid

Sweden Stockholm Switzerland* Basel Geneva Zürich Syria Damascus Turkey Istanbul UAE Dubai

Asia Pacific Australia Melbourne Sydney China Beijing Chengdu Guangzhou Hong Kong Shanghai Shenzhen Fiji India Bangalore Chennai Gurgaon Hyderabad Kolkata Mumbai (Churchgate) Mumbai Sub New Delhi Pune Indonesia Jakarta Japan Tokyo Malaysia Kuala Lumpur New Zealand Auckland Wellington Pakistan Karachi Philippines Manila Singapore South Korea Busan Seoul Taiwan Taipei Thailand Bangkok Vietnam Hanoi Ho Chi Minh City

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C&W 2010-2011 Annual Review  

C&W 2010-2011 Annual Review