Cushman & Wakefield Trades at 3.1x Leverage Versus CBRE's 1.5x
CWK•Cushman & Wakefield trades at a significant discount to CBRE due to its 3.1x leverage versus CBRE's 1.5x and lower operating margins, though operating leverage is boosting income growth. Its team brokered Kiln's full-floor lease at the 168,000-sq-ft The Weave office, due in 2027 at OCVIBE's 100-acre Anaheim mixed-use district.
1. Valuation Discount and Operating Leverage
Cushman & Wakefield's total debt leverage of 3.1x EBITDA contrasts with CBRE's 1.5x, contributing to a notable valuation gap. Lower operating margins due to smaller scale are partly offset by operating leverage boosting income growth, and management expects continued expansion to narrow the discount.
2. Anaheim Lease Brokerage Deal
Cushman & Wakefield’s brokerage team represented OCVIBE in securing Kiln’s full-floor lease for The Weave, a 168,000-square-foot mass timber office building. Scheduled to open in early 2027, the project anchors flexible workspace offerings in Anaheim’s 100-acre mixed-use district, expanding potential service revenues for the firm.
