Finally, in May 2008, as the Manhattan leasing market was coasting on fumes, Cushman & Wakefield signed a 15-year lease for 156,282 square feet for new headquarters at Vornado’s 1290 Avenue of the Americas. Then came Lehman, and the total repricing of Manhattan real estate.
Mr. Mosler calls that lease “the most talked about decision Cushman & Wakefield made.”
“What most people don’t recognize is, we shrunk 55,000 to 60,000 feet,” said Mr. Mosler, which made the move economically “neutral.”
“What most people don’t realize is our lease came due and the economics of staying were less attractive than relocating,” Mr. Mosler continued. “I will stand up and say two years from today or less, that rent will be market rent.”
An avuncular presence at his firm and in New York real estate, Mr. Mosler is credited with installing a new CFO and with instituting better accounting practices.
There is no immediate succession plan. Cushman has hired executive search firm Spencer Stuart to spearhead its hunt for a new CEO.