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Jim Farrer & Lee Dorf

Growing Service Line Meets Increased Commercial Real Estate Industry Demand

PHILADELPHIA, Oct. 22, 2018 – Cushman & Wakefield expanded its Valuation & Advisory Practice with the additions of Director Jim Farrer, who specializes in financial reporting, and Director Lee Dorf, who specializes in machinery and equipment. A growing service line with increased market importance, both Farrer and Dorf are charged with helping clients navigate the complexities associated with the valuation and reporting of real estate equities for acquisition, tax, lending and related measurement purposes.

“Processes and regulations for determining the worth of assets and companies are constantly shifting,” said Mike McCurdy, Cushman & Wakefield Philadelphia Managing Principal. “Valuation has become a real science. Jim’s expertise with domestic and international real estate assignments across a wide variety of asset types provides a strategic advantage that truly separates us from competitors. Lee is an expert at appraising equipment and related assets, which helps clients realize their value for multiple appraisal purposes.”

Prior to joining Cushman & Wakefield, Farrer worked with JPMorgan Chase & Co. and KPMG, where he specialized in asset management and commercial real estate consulting. This included seven years of experience preparing valuations of tangible and intangible assets for financial reporting and tax reporting purposes, and more than 12 years of direct real estate experience. His domestic and international engagements for clients in a range of industries have focused primarily on valuation for financial reporting, including fair value measurements, purchase price allocations, lease accounting and reorganizations. Farrer holds a bachelor’s degree in business administration from Temple University. He is a designated Member of the Appraisal Institute (MAI) and a certified general real estate appraiser with licenses in multiple jurisdictions including Pennsylvania and New York.

“Identifying all the factors that influence a transaction – whether an asset acquisition or a business acquisition – affects value,” Farrer said. “Today’s complex financial reporting requirements mandate the expertise of professionals who thoroughly understand how to merge accounting and valuation best practices. By offering applied insights into key issues of concern to clients, auditors and regulators, we look forward to elevating Cushman & Wakefield’s industry-wide recognition as a premier provider of sophisticated real estate equity and debt decision consulting services.”

Dorf has actively appraised and performed machinery and equipment valuations for wide-ranging commercial industries, primarily for the Big 4 accounting firms – most recently with PricewaterhouseCoopers LLP. These analyses have been used for multiple financial statement and tax reporting purposes, insurable replacement cost studies, fresh start accounting, collateral valuations, property tax and technical due diligence reviews. He holds a bachelor’s degree in business administration from Bloomsburg University and is a member of the American Society of Appraisers.

“Some companies look at valuation as a commoditized business,” Dorf offered. “They spend millions of dollars on an acquisition, and subsequently have to pay someone to tell them the value of the included equipment. But we look to be their advisor every step of the way – as a valued-added resource rather than a traditional check-the-box appraisal provider. Cushman & Wakefield provides the platform required for us to successfully serve in this capacity.”

The V&A practice expansion coincides with an increased emphasis on valuation and advisory services throughout the industry, according to McCurdy. “We pride ourselves on serving clients with the highest level of expertise,” he said. “Few others in the industry offer the in-depth clarity and transparency needed to determine true market values for both the tangible and intangible aspects of commercial properties.”

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Media Contacts:
Karen Ravensbergen/Emily Ackel
Caryl Communications
201-796-7788

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