Cushman & Wakefield, DTZ Complete $2B Merger

Four months after the deal was announced, top firms DTZ and Cushman & Wakefield put pen to paper on a big $2B merger, C&W announced today. The new firm will continue as Cushman & Wakefield, giving it $5B in revenue, 250 offices in 60 countries, 43,000 employees and more than 4.3B SF under management. A Shanghai-based investment firm had shown interest, emerging as a frontrunner in the early spring, before DTZ closed the deal, which CEO Brett White called a game changing event in real estate. "Now we have the opportunity to see these ambitions come together," he says. The timing is strong for the merger. DTZ acquired Cassidy Turley in January for $550M, a deal that closed shortly after C&W's $100M acquisition of Massey Knakal Realty Services. The new firm is majority-owned by an investor group headed by private equity firms TPG, PAG and the Ontario Teachers' Pension Plan.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Bank OZK Shares Drop After Citi Flags $915M Mortgage Concern

Soaring Yields Strand REITs In M&A No-Man’s-Land

How UK Investment Giant L&G Plans To Grow Its U.S. Multifamily Holdings

Properties Owned By REIT Accused Of Fraud To Be Auctioned Off

LS Power Raises $6B To Capitalize On Data Center Power Demand

DHS Buys 3 More Detention Facilities From The Geo Group For $950M

CRE Finance Sentiment Index Falls To 3-Year Low As Economic Fears Mount

Oprah-Backed Health Food Chain Files For Bankruptcy, Seeks To Exit Leases

RN3 Enters Dutch Logistics Market With DHL Sale-Leaseback Deal

Fund Affiliated With Michael Dell Takes $1B Swing At Senior Housing

Multifamily's Days As Commercial Real Estate's 'Golden Child' Are Over

Real Estate Fundraising Shrinks, Targets Get Smaller