Please ensure Javascript is enabled for purposes of website accessibility

Cassidy Turley sold to investment group

Commercial real estate services firm Cassidy Turley, one of the most active players in the Baltimore-Washington, D.C., markets, announced Monday it has entered an agreement to become an affiliate of DTZ Investment Holdings.

A consortium including private equity firm TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan is expected to close a deal to purchase DTZ on Oct. 31. The acquisition of Cassidy Turley is expected to be complete on Dec. 31, according to a statement on the company’s website.

“Following a period of intensive mutual due diligence, we are confident that this combination is an excellent cultural fit as well as an opportunity to partner with a global brand,” Joseph Stettinius, Jr., Cassidy Turley chief executive officer, said in a statement.

Cassidy Turley will assume the DTZ brand, and will create a company with $2.9 billion in revenues with 28,200 employees. The acquisition of Cassidy Turley provides DTZ greater reach in local U.S. markets. The company said the sale creates only “minimal overlap in leadership, infrastructure and market coverage in the U.S.”

Washington-based Cassidy Turley has 60 offices across the country, including Baltimore, and has strong ties to the area. It’s predecessor in Baltimore, Colliers Pinkard, was one of the four original partner firms that consolidated and formed the company in 2008. The company’s local client list includes Under Armour, Johns Hopkins and Legg Mason.

It has been involved in recent  high-profile local deals, such as arranging $32 million in financing for The Can Co. Building’s owner. The company recently represented the landlord in The Sun’s leasing of a 14,000-square-foot of warehouse in Carroll County for newspaper distribution.  It was also selected to handle the leasing of the Hollins Ferry Logistics Center, a 285,000-square-foot industrial distribution facility set to break ground later this year, as well as the $575,000 of a Baltimore warehouse to True Essence, a manufacturer, importer and distributor of perfume.

About Adam Bednar

Adam Bednar covers real estate and development for The Daily Record.