Cassidy Turley and DTZ are fusing to form a global-top three firm ($2.9B in annual revenue). The marriage promises good things for DTZ's local operation, and its 18 other offices across Canada, improving north-south business, DTZ Vancouver Real Estate partner Steve Caldwell tells Bisnow. The merger was announced last week following the closing of the acquisition of Cassidy Turley by a private equity investment consortium backed by TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan. The same consortium acquired DTZ in November.
“The Cassidy Turley group is in all the major US markets—the NFL cities so to speak,” Steve says. “It’s going to be much better for us, because previously under the DTZ banner we didn’t have enough presence in the States.” The merged companies will operate as DTZ, with Tod Lickerman (pictured third from left with DTZ’s exec team in April) remaining global CEO. The unified company has more than 28,000 employees managing 3.3B SF globally for institutional, government, corporate and private clients. DTZ is ranked No. 1 in China for investment sales transactions, with over 50% market share.
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