The sale of Cassidy Turley, which has offices in Baltimore and the Washington, D.C., markets, to a new ownership consortium was officially announced Monday, and the company became part of the DTZ brand.
A consortium including private equity firm TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan officially acquired DTZ in November. Before that deal was complete the consortium made public its plans to purchase Cassidy Turley in September and form one of the three largest commercial real estate service firms in the world.
“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” Tod Lickerman, the new company’s global CEO, said in a news release.
Joseph Stettinius Jr., Cassidy Turley’s CEO, is now the company’s chief executive of the Americas, and Brett White, former CEO of CBRE Group, who invested in the acquisition, will be the executive chairman starting in March 2015.
Cassidy Turley has strong ties to Baltimore, and its local client list includes Under Armour, Johns Hopkins and Legg Mason.
The announcement of the completion of the deal follows the timeline for the company laid out this fall. At that time it was announced the acquisition was expected to be completed on Dec. 31. The financial details of the deal were not disclosed.
The new company now has a combined $2.9 billion in annual revenues, more than 28,000 employees and manages 3.3 billion square feet globally.
“Even though they had 60 offices in the U.S. [Cassidy Turley] didn’t quite achieve the scale of Jones Lang or a CBRE … this, I think, gives them the kind of scale and heft they need to really play in the very top leagues,” Chuck Schilke, director and senior lecturer at Johns Hopkins University’s Carey School of Business, said at the time of the deal’s announcement.