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 leading 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 centre 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.”