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Breaking News: Cassidy-TPG Deal Just Announced

Washington DC

What we reported a month ago is now official: A consortium of private equity firm TPG, PAG Asia Capital, and the Ontario Teachers' Pension Plan is purchasing DC-based Cassidy Turley, in a deal that will close Dec. 31. (We snapped Cassidy CEO Joe Stettinius, middle, over the weekend—you'll have to read today's Scene Bisnow for deets on where he was.) That consortium is also purchasing international real estate services firm DTZ, and the new firm (which will use the DTZ name) will form a brokerage to rival CB, JLL, Newmark, Cushman and Savills Studley

Here's Bob Pinkard, co-founder of Cassidy & Pinkard, the predecessor to Cassidy Turley. Cassidy's 4,000-plus employees in the US would team with DTZ's 24,000 worldwide (compared to CBRE's 44k and JLL's 48k). Joe will assume the title of CEO, Americas with the new firm, while former CBRE Group CEO Brett White will also join the firm as executive chairman, starting next March.