A group of investors — including private-equity firm TPG — is reportedly buying commercial brokerage Cassidy Turley.
The deal could be announced Monday, according to the Wall Street Journal. Cassidy Turley has more than 60 offices across the country. Investment management firm PAG Asia Capital and Ontario Teachers Pension Plan are also part of the group that is planning to buy Cassidy Turley, the Journal reported.
This is not the only commercial brokerage deal as of late. In June, London’s Savills PLC bought New York’s Studley Inc. for $260 million. The uptick in acquisitions is caused, in part, by the globalization of real estate companies that have opened offices around the world, according to the Journal.
The same group of investors earlier this year announced it would buy the real estate division of UGL, an Australian engineering company, for $1.15 billion. Before the group can buy Cassidy Turley, the UGL deal has to close. [WSJ] — Claire Moses