Cushman & Wakefield announced today that Ronald T. Lo Russo, an accomplished and respected commercial real estate professional, has been appointed as President of the New York Tri-State Region.
Mr. Lo Russo, who was previously a Vice President of Leasing for the New York Office Division of Vornado Realty Trust, will be based in the firm's World Headquarters office in Midtown Manhattan.
Mr. Lo Russo, 38, becomes a key member of the firm's executive management team in the US, reporting directly to Jim Underhill, President & CEO of the Americas. Ron will drive growth in the region, overseeing brokerage operations in the nine regional offices throughout New York, New Jersey and Connecticut, and coordinating brokerage activities with C&W's comprehensive global platform of services.
Mr. Lo Russo brings a rich knowledge of commercial real estate experience to Cushman & Wakefield and will work closely with Suzy Reingold, who has been promoted to Chief Operating Officer of the New York Tri-State Region. Together, they will work to leverage the firm's brand reputation and history to drive growth and execute strategic priorities for the region.
"Ron is a seasoned real estate professional and a very well respected individual in the industry. We're delighted he is joining Cushman & Wakefield," said Mr. Underhill. "Cushman & Wakefield is focused on hiring and developing the best professionals in the industry, with a focus on our next generation of leaders, and the addition of Ron is indicative of that strategy. He brings with him the leadership necessary to continue making C&W the preferred place to work, and the best platform for delivering the highest quality services to our clients. He will have the full support of senior management in expanding C&W's capabilities and footprint throughout the New York Tri-state area."
"Cushman & Wakefield has a great reputation and it's one that I'm proud to be a part of," said Mr. Lo Russo. "It is known in the industry that the firm has great new leadership, and some of the most talented brokerage professionals, many of whom I've worked with on transactions. The positive reputation of C&W was confirmed upon meeting its executive management recently, and I look forward to working closely with all of them."
"I have known Ron to be a dedicated, knowledgeable real estate professional and believe he will be a tremendous asset to Cushman & Wakefield," said Ms. Reingold. "I look forward to working with him to carry out the priorities and goals of the firm."
In 2011, Cushman & Wakefield earned distinction as the No. 1 brokerage firm in Manhattan, according to a ranking in Real Estate Forum on the top New York commercial real estate brokerages. In that year, the firm was involved in several significant transactions, including two of the three largest transactions of the year - the 902,000-square-foot lease to Nomura Securities International Inc. at World Financial Center and the 1-million-square-foot lease to Condé Nast at One World Trade Center. Cushman & Wakefield completed several notable transactions in 2012 as well.
A priority of the firm is to grow its services strategically, and in August of last year, the firm acquired the Atlanta- and Dallas-based third party client services business of Cousins Properties Incorporated, and in late 2011 it merged operations with NorthMarq Real Estate Services Minnesota, significantly bolstering its presence in the Midwest region.
As the firm continues its strategic growth plan, in 2011 C&W hired 1,900 professionals and last year hired nearly 1,500 professionals.
Mr. Lo Russo graduated from the Stern School of Business in 1996, and has a JD from New York Law School and is licensed to practice in NY and NJ. He is the chairman for the Young Men's/Women's Real Estate Association and serves on the junior board for New York Cares.