DTZ, a global leader in commercial real estate services, today announced
that Cassidy Turley and DTZ are now operating as a single global firm
following the completion of the acquisition of Cassidy Turley by the
private equity investment consortium backed by TPG Capital, PAG Asia
Capital and Ontario Teachers’ Pension Plan. The consortium
acquired DTZ in November 2014.
The combination of Cassidy Turley and DTZ creates a global top-three
commercial real estate services company. Cassidy Turley brings a legacy
of strong local market leadership and penetration in the U.S., while DTZ
offers an established full-service global platform.
DTZ now provides clients additional integrated capabilities across more
than 30 major U.S. markets in addition to its already established
capabilities throughout Europe and Asia. The unified company represents
$2.9 billion in annual revenues and more than 28,000 employees and now
manages 3.3 billion square feet globally on behalf of institutional,
government, corporate and private clients. DTZ is ranked No. 1 in China
for investment sales transactions, with over 50% market share, and is
ranked No. 3 in London and the U.K.
As announced previously, Tod Lickerman will be the Global CEO of the
integrated company. Joseph Stettinius Jr., Cassidy Turley’s CEO, is now
Chief Executive of the Americas, while Brett White, former CEO of CBRE
Group, who also invested in the acquisition, will become full-time
Executive Chairman in March 2015.
“The combination of our two companies under new ownership has
immediately enhanced our ability to meet our clients’ needs with speed,
efficiency and flexibility—service qualities that are unique among
global firms our size. The new DTZ combines the capabilities of a
world-class firm with the client experience of a smaller, more nimble
and more tenacious organization,” said Tod Lickerman.
“This combination is an excellent cultural fit and mutually beneficial
for both companies, given our strong position in the U.S. market and
DTZ’s global footprint,” said Joseph Stettinius, Jr. “As DTZ and Cassidy
Turley join forces under our new brand and ownership, I’m excited about
the advantages we can now offer our clients and our people.”
About DTZ
DTZ is a global leader in commercial real estate services providing
occupiers, tenants and investors around the world with a full spectrum
of property solutions. Our core capabilities include agency leasing,
tenant representation, corporate and global occupier services, property
management, facilities management, facilities services, capital markets,
investment and asset management, valuation, building consultancy,
research, consulting, and project and development management. DTZ
manages 3.3 billion square feet and $63 billion in transaction volume
globally on behalf of institutional, corporate, government and private
clients. Our more than 28,000 employees operate across more than 260
offices in more than 50 countries and proudly represent DTZ’s culture of
excellence, client advocacy, integrity and collaboration. For further
information, visit: www.DTZ.com
or follow us on Twitter @DTZ.
About TPG
TPG is a leading global private investment firm founded in 1992, with
$66 billion of assets under management and offices in San Francisco,
Fort Worth, Austin, Dallas, Houston, New York, Beijing, Hong Kong,
London, Luxembourg, Melbourne, Moscow, Mumbai, São Paulo, Shanghai,
Singapore and Tokyo. TPG has extensive experience with global public and
private investments executed through leveraged buyouts,
recapitalizations, spinouts, growth investments, joint ventures and
restructurings. In North America, some of TPG’s best known corporate and
real estate investments have included Burger King, Northern Tier Energy,
Petco, J. Crew, Taylor Morrison Home Corporation (NYSE:TMHC), ST
Residential, Hotwire, Neiman Marcus and Chobani. TPG has been active in
Asia for 20 years and has completed major investments in Shenzhen
Development Bank, China Grand Auto and BTPN. TPG has also been very
active in Australia with investments in Healthscope, Myer Department
Stores and Inghams. For more information visit www.tpg.com.
About PAG
PAG is one of the largest Asian based alternative investment managers
with funds under management across Private Equity, Real Estate and
Absolute Return strategies. PAG currently has US$11 billion in capital
under management, with over 300 staff and offices in Hong Kong,
Shanghai, Tokyo, Beijing, Sydney, Singapore, Seoul, Shenzhen, and Delhi.
PAG Asia Capital (“PAGAC”), the private equity strategy of PAG, is
currently investing its US$2.5 billion pan-Asian buyout fund, and its
current portfolio includes control and structured investments across the
financial services, pharmaceuticals, automotive services and consumer
retail sectors. In addition to the extensive investment experience in
private equity, PAG has a solid track record in real estate, completing
over 500 real estate related transactions throughout Asia with total
investment value in excess of US$20 billion. For more information visit www.pagasia.com.
About OTPP
With $140.8 billion in net assets as of December 31, 2013, the Ontario
Teachers' Pension Plan is the largest single-profession pension plan in
Canada. An independent organization, it invests the pension fund's
assets and administers the defined benefit pensions of 307,000 active
and retired teachers in Ontario. For more information, including our
annual reports from 2013 and previous years, visit www.otpp.com.
Follow us on Twitter @OtppInfo.
Copyright Business Wire 2015