Cushman & Wakefield switches tie up to Sherry Fitzgerald
Cushman & Wakefield (C&W) is to sever its ties with property agent Lisney, and instead will partner with Sherry Fitzgerald.
Chicago-based C&W has long had a partnership with Lisney, however that is coming to an end after the US giant merged with long time rival DTZ last September. DTZ already has a share in Sherry Fitzgerald.
While the change has yet to be formally announced, writing in his company's outlook for 2016, Lisney managing director James Nugent said that "due to the global merger of Cushman & Wakefield and DTZ we will no longer be Cushman & Wakefield's affiliate partner in Ireland as through the merger of the two businesses (C&W and DTZ), the new entity inherited a 20pc ownership in a
local business in Ireland. For our part we have traded as Lisney for over 80 years and whilst this is disappointing, our ethos and team are committed to providing our valued clients with an outstanding service".
DTZ Sherry Fitzgerald, headed by Aidan Gavin, declined to comment on the matter.
The decision is expected to be formally announced in the coming weeks.
Meanwhile, Knight Frank and Savills are seeking €55 per square foot for the first phase of the Vertium building - a 172,000 sq ft office block set to be completed on Burlington Road in Dublin 4 next year. The property, which will have the capacity to house up to 2,000 workers, will be one of the first major office developments to hit the market in the current cycle.
While there are a string of developments in the planning stage, there are still relatively few large scale office blocks under construction. Several older blocks, such as the former Fas headquarters on Baggot Street are being renovated and extended but few are being built from scratch like the Burlington Road property.
The block is being developed by Ronan Group and is backed by UK firm U+I as well as the investment firm Colony Capital.
The lack of available office space in the prime areas of Dublin 2 and Dublin 4 has prompted widespread concerns that the shortage may prevent firms from expanding or foreign companies setting up in Dublin. That worry has been dismissed by the IDA.