As part of its commitment to provide a national tax advisory practice, Cushman & Wakefield today announced the acquisition of substantially all the assets of Property Tax Resources, a leading advisory service based in Carlsbad, California.
The purchase builds on Cushman & Wakefield’s existing property tax services and adds a best-in-class proprietary tax management platform while extending C&W’s services along vertically-aligned asset class expertise.
“Today, most tax practitioners rely on their knowledge of "process" and lack actual asset class knowledge,” said John Busi, Executive Vice President/Global Head Valuation & Advisory. “It was a unique opportunity to find a firm like PTR that had perfected "process" and shared our depth of understanding of real estate.”
PTR was founded in 2001 by James Chapman, who had also served as National Tax Partner at Deloitte & Touche during the 1990s, where he created and directed the largest property tax consulting practice in the U.S. Under Chapman's leadership, PTR provided a wide range of valuation and property tax consulting services and web-based software solutions for property tax management and administration to a cross-section of global, national and local real estate owners. PTR's experience extends across all types of property, including retail, office, residential apartments, hotels, undeveloped land, and special-use properties.
“Cushman & Wakefield is offering us an opportunity to take our platform to the next level, with its Fortune 500 client roster, its multiple service lines and its global stage," said Chapman. “Our goal was always to be the best firm serving our core constituency, now we have access to an exponentially wider audience."
Cushman & Wakefield has been aggressively building out the core service lines of the firm and bringing top industry talent into the organization. "We are the firm of choice for the most complex and sophisticated valuation assignments across the world," said Busi. "It's essential for our clients to have access to the full complement of services that our professionals can offer. And now we can add a more robust Tax Advisory platform to the mix."