Commercial real estate firm Cassidy Turley may soon be partnering up, merging with or selling outright to Newmark Grubb Knight Frank or the Blackstone Group.
The firm reportedly hired JPMorgan as an advisor over the summer, aiming to drum up equity and accelerate expansion plans. The goal is to find a match before the end of 2013. JPMorgan asked NGKF, Blackstone and Andrew Farkas’ Island Capital to provide a valuation of Cassidy along with investment proposals, according to a news report.
Founded in 2010, Cassidy Turley currently has about 60 locations around the U.S. and is led by Joseph Stettinius Jr., who was named CEO late last year.
Representatives from Cassidy Turley did not respond to the New York Observer’s requests for comment by press time. Real Estate Alert first reported the news. [NYO] — Julie Strickland