Cresa announces CEO transition plan
Washington, D.C. – Cresa, the world’s largest occupier-centric commercial real estate firm, today announced that James “Jim” M. Underhill will be stepping down from his role as CEO and as a member of the Board of Directors, effective February 15, 2021. Cresa’s Board of Directors (“Board”) has named Tod Lickerman, a current member of the Board, as interim Chief Executive Officer. Mr. Lickerman will also continue to serve as a member of Cresa’s Board. Cresa’s Board will commence a search for a permanent Chief Executive Officer and plans to engage an executive search firm to assist in a thorough search process.
Mr. Lickerman joined Cresa’s Board in 2019 and has extensive commercial real estate experience spanning over 35 years. Mr. Lickerman previously served as Global President and Americas CEO at Cushman & Wakefield. Prior, he served as Global CEO of DTZ, where he led the firm in taking the company private and acquiring Cassidy Turley and Cushman & Wakefield. In total, he helped acquire and integrate 20 companies into the global platform company that Cushman & Wakefield is today with revenues in excess of $7 billion. Earlier in his career, Mr. Lickerman served as CEO of Corporate Solutions Americas at JLL and ran several divisions including healthcare, energy, and European facility management.
Gary Gregg, Executive Chairman of the Board said, “We are pleased that a leader of Tod’s caliber is stepping into the interim CEO role and lead Cresa. The Board is confident that Tod’s deep expertise and knowledge of the industry will help us build on our strong momentum. On behalf of the Board, I would like to thank Jim for his many contributions to Cresa during his five years as CEO.”
Mr. Lickerman stated, “I am honored to take on the interim CEO role and lead Cresa, I’m a big fan of this company and see Cresa as very different from others in the industry. Cresa represents the interests of the occupier and tenant, focused and free from conflicts. Cresa is also privately held and owned by the top professionals in the firm, there is a real benefit to having this kind of focus and control, unbeholden to the demands of external shareholders. Office occupancy, logistics and industrial location strategies are changing to meet the current business environment, and a strategic approach is needed now more than ever.
We will continue to opportunistically grow our presence through acquisitions in key markets and services and top talent recruitment. Cresa is a great home for the best talent in the industry and well-positioned for accelerated performance in today’s occupier environment.”
Mr. Underhill stated, “I’m proud of how we have raised the visibility and competitiveness of Cresa in the global tenant advisory space. The recent leadership additions and changes have helped to establish a strong foundation for continued momentum. It has been a true pleasure leading Cresa and I look forward to witnessing further success for this extraordinary organization.”
Cresa is the world's only global commercial real estate advisory firm that exclusively represents occupiers and specializes in the delivery of fully integrated real estate solutions. Our purpose is to think beyond space, strengthening those we serve and enhancing the quality of life for our clients. Delivered across every industry, its services include Consulting, Facilities Management, Global Portfolio Solutions, Investment Banking, Lease Administration, Location Strategy & Economic Development Incentives, Project Management, Transaction Management and Workplace Intelligence. With over 1,000 employees in more than 80 offices globally, Cresa partners with occupiers everywhere. For more information, please visit cresa.com.