Could Chicago soon see a new landlord practice at DTZ after its $1.2B sale announced yesterday? Local sources not connected to the deal tell us that would be the next logical step.

UGL sold the company to a private equity group including TPG Capital, PAG Asia Capital, and Ontario Teachers’ Pension Plan. (Three letter names are the new BLK.) The sale means private equity thinks there’s room for another major player in the market like CBRE or JLL, sources say, and new ownership has reportedly tapped former CBRE CEO Brett White as a non-executive director on DTZ’s board. (What a great way to learn how the competition operates.) Opening a landlord practice to compete with the big brokerage shops makes sense, though it might turn off the firm's tenant rep clients. A new business line would only ramp up the Chicago expansion the firm has seen recently (77 W Wacker, its HQ, above), and could certainly spell some broker musical chairs in the coming year.