Los Angeles-based commercial real estate broker Cushman & Wakefield Inc. acquired its Russian partner, Moscow-based Stiles & Riabokobylko, for an undisclosed amount.
Stiles, founded in 1995, was one of the first Russian real estate companies specializing in corporate advisory work to form after the fall of the Soviet Union. The two companies have had an association since 1998, and the acquisition was expected, according to the Moscow Times.
“Opening in Russia is part of our wider corporate strategy, which is to capitalize on the developing dynamics of the Central and Eastern European region,” said John Travers, head of the firm’s European arm, Cushman & Wakefield Healy & Baker, in a statement.
The Moscow office will become Cushman’s third largest in Europe with 100 employees. The new firm, to be called Cushman & Wakefield Stiles & Riabokobylko, will offer full corporate real estate consulting to Russian and international clients. Mark Stiles and Sergey Riabokobylko will remain joint directors of the Moscow office.