Expanded Domestic and Global Capabilities Enhance Client Service Platform
We’re pleased to announce that Cassidy Turley has entered into an agreement to be acquired by an affiliate that is backed by the same consortium—TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan—that recently agreed to acquire DTZ, a global commercial real estate services firm. The agreement is subject to customary closing conditions, and is dependent on Cassidy Turley’s combination with the operations of DTZ Group (DTZ) to create a global, full-service commercial real estate services company. The combined business will retain the DTZ brand.
We are creating a new and superior firm, with combined revenues of more than $2.9 billion and more than 28,200 total employees. DTZ offers respected full-service capabilities throughout Europe and Asia as well as an established domestic corporate services and facilities management platform. Their capabilities, combined with our legacy of strong local market leadership and customized client service in the U.S., will allow us to more effectively serve our clients anywhere in the world.
I want to recognize all of our professionals for their hard work and performance. Their focus on operational excellence and client service, as well as our clients’ continued confidence in our people and platform, positioned us for this opportunity to combine with DTZ. You can be assured that we will continue the traditions of Cassidy Turley by maintaining our roots of superior local service expertise and close personal relationships while expanding our capabilities to serve clients throughout the world. I will become Chief Executive of the Americas and work in partnership with Tod Lickerman, current Global Chief Executive Officer of DTZ, and Brett White, former Chief Executive Officer of CBRE who will become Executive Chairman of the combined company in March 2015. Together we will develop a plan to integrate the Americas business and create an innovative market leading platform.
The combined companies will create a game-changing organization – not only for us but for the entire industry. We invite you to read our September 22 press release announcing this exciting news.
Joseph Stettinius, Jr.
Chief Executive Officer