Cassidy Turley, a well-known commercial real estate firm with a presence in the Twin Cities, has a new name and a new owner.
Cassidy Turley becomes DTZ with completion of merger
The fifth-largest commercial property management firm in the Twin Cities now has a new name and ownership structure.
By kristenpaint
January 5, 2015 at 4:26PM
The U.S.-based firm has completed its merger with DTZ, a global real estate company. The newly combined entity's new owner is a private equity investment consortium, composed of TPG Capital, PAG Asia Capital and Ontario Teachers' Pension Plan.
Internet searches for CassidyTurley.com now redirect web visitors to a merger splashpage explaining the new brand and its expanded geographic reach. The new DTZ now has more than 28,000 employees across 265 offices in 50 countries, and managed 3.3 billion square feet of real estate globally.
Pre-merger, Cassidy Turley was the fifth-largest commercial property management firm in the Twin Cities Metro Area.
The combination makes DTZ a top-three commercial real estate services company in the world.
DTZ is ranked No. 1 in China for investment sales transactions, with over 50 percent of the market share, and is ranked No. 3 in London and the United Kingdom, according to a news release.
The private equity consortium acquired DTZ in November. Tod Lickerman of legacy DTZ will be the Global CEO of the integrated company while Cassidy Turley's CEO, Joseph Stettinius Jr., will serve as Chief Executive of the Americas. Brett White, former CEO of Los Angeles-based CBRE Group, who also invested in the acquisition, will become full-time Executive Chairman in March.
"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., in a prepared statement.
We noWe now have more than 28,000 employees operating across 265 offices in 50 50 countries and $63 billi50on in transaction volume. And, we manage 3.3 billion square feet globally on behalf of institutional, government, corporate and private clients.w have more than 28,000 employees operating across 265 offices in 50 countries and $63 billion in transaction volume. And, we manage 3.3 billion square feet globally on behalf of institutional, government, corporate and private clients.
We now have more than 28,000 employees operating across 265 offices in 50 countries and $63 billion in transaction volume. And, we manage 3.3 billion square feet globally on behalf of institutional, government, corporate and private clients.
