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Politics

Cushman & Wakefield cuts ties with Trump Organization – Business Insider

  • The commercial real-estate-services firm and brokerage Cushman & Wakefield told Insider it would no longer do business with President Donald Trump’s family real-estate company, the Trump Organization.
  • It joins a growing list of companies cutting ties with the president after the January 6 Capitol riot.
  • Cushman will no longer serve as the leasing agent for Trump Tower, the Fifth Avenue trophy property where Trump has a gilded triplex and his main office — and famously announced his presidential run in 2015.
  • It will also stop handling leasing for 40 Wall St. in lower Manhattan, an office tower that is among the Trump Organization’s most visible and valuable assets.
  • Trump’s nephew Fred Trump III, who was a leasing executive at Cushman, has departed the firm, a source told Business Insider.
  • Visit Business Insider’s homepage for more stories.

The commercial real-estate giant Cushman & Wakefield said it dropped President Donald Trump’s family real-estate firm as a client, a week after Trump incited a mob to riot at the nation’s Capitol.

“Cushman & Wakefield has made the decision to no longer do business with The Trump Organization,” a spokesman for Cushman said in a statement provided to Business Insider on Tuesday night. The Trump Organization did not immediately respond to a request for comment.

Cushman, one of the nation’s largest real-estate-services companies, worked with the Trump Organization on two of its best-known and most profitable assets: Trump Tower on Fifth Avenue in midtown Manhattan and 40 Wall St., a roughly 1.3 million-square-foot lower Manhattan office tower known as the Trump Building.

The firm had served as an agent for the properties, helping the Trump Organization market available space to prospective office tenants and negotiate leasing deals.

Read more: Blackstone billionaire Stephen Schwarzman defended his support for Trump. Now his allies are trying to put distance between the two

Business Insider has also learned that Fred Trump III, the president’s nephew who joined Cushman in 2017 as a leasing executive, has parted ways with the firm. Cushman’s spokesman declined to comment on or confirm Fred Trump III’s departure.

A person familiar with the matter said Cushman executives had asked Fred Trump III in recent days to leave the firm. The son of Donald Trump’s late brother and the sibling of Mary Trump, who published an unflattering tell-all book about the president last year, could not immediately be reached for comment. 

Cushman, a $3 billion publicly owned brokerage and real-estate-services provider, joins a growing list of companies that have said they will stop working with — and cease political donations to — Trump and his Republican allies who tried to block the certification of President-elect Joe Biden’s election victory.

Read also: Jared Kushner’s name is radioactive in real estate right now. Developers and investors say they’re avoiding deals with his family’s company, while others report they’re getting penalized for past partnerships

The PGA of America, for instance, announced on Sunday it canceled plans to host its golf championship at a Trump golf club in Bedminster, New Jersey. And on Wednesday, New York City said it would terminate lucrative contracts held by the Trump Organization to operate two ice-skating rinks and a carousel in Central Park and a golf course in the Bronx.

Last week, the real-estate-services company JLL said it would no longer work with the Trump Organization on a sale of a hotel Trump’s company developed and controls in the Old Post Office building in Washington, DC.

Up until now, Cushman helped handle leasing deals for the roughly 300,000 square feet of office space in Trump Tower, the office and residential building where the Trump Organization has its headquarters and the president has a gilded penthouse. It was in the Trump Tower lobby where Trump famously descended an escalator in 2015 to announce his run for the presidency.

The firm provided the same service at 40 Wall St., a landmark 1.3 million-square-foot office tower in Manhattan’s financial district.

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