DTZ to buy Cushman & Wakefield for $2B

Combined firm, backed by TPG, will have revenues of $5B-plus

New York /
May.May 11, 2015 08:02 AM

Commercial real estate services firm DTZ is buying Cushman & Wakefield for $2 billion.

Combined, the firm will have more than $5 billion in annual revenue, the Wall Street Journal reported. The combined firm will keep the Cushman & Wakefield name and will have more than 250 offices in 50 different countries.

The firm will also create a real competitor for CBRE and JLL, the two commercial real estate services firms that have been dominating the field. CBRE has $9 billion in annual revenue and JLL has $5.4 billion, according to the newspaper.

The Agnelli family’s Exor SpA is selling Cushman & Wakefield, which was founded in 1917. In January, DTZ, which is backed by private equity firm TPG, bought brokerage Cassidey Turley for $557 million. Late last year, Cushman & Wakefield bought sales brokerage Massey Knakal Realty Services for $100 million.

Former CBRE chief executive Brett White will head up the newly combined firm. DTZ’s current chief, Tod Lickerman, will become the firm’s president.

The new firm will provide the industry — which White described as ” a bit of a two-horse race” to the Wall Street Journal — with a “third formidable competitor at the highest end of this industry,” White told the newspaper. [WSJ] — Claire Moses


Related Articles

arrow_forward_ios
Cushman & Wakefield CEO Brett White (Cushman)
Cushman eyeing M&A opportunities post-pandemic
Cushman eyeing M&A opportunities post-pandemic
CBRE’s Darcy Stacom and Bill Shanahan; Cushman & Wakefield’s Doug Harmon and Adam Spies
Titans of the towers: TRD’s annual ranking of NYC’s top investment sales firms
Titans of the towers: TRD’s annual ranking of NYC’s top investment sales firms
Cushman & Wakefield CIO Nathaniel Robinson and CEO Brett White (iStock)
Cushman launches $250M SPAC
Cushman launches $250M SPAC
Saadia Group, Lord & Taylor's new owner, will sublet its new headquarters from Cushman & Wakefield. (Getty, RPW Group)
Lord & Taylor owner sublets new Midtown HQ
Lord & Taylor owner sublets new Midtown HQ
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Cushman & Wakefield CEO Brett White, Mayor Bill de Blasio, and Donald Trump, Eric Trump and Donald Trump Jr. (Getty)
Cushman & Wakefield, NYC cut ties to Trump Organization
Cushman & Wakefield, NYC cut ties to Trump Organization
Cushman & Wakefield's Toby Dodd with One Pierrepont Plaza in Brooklyn and One World Trade Center (Photos via Cushman, Brookfield and Pixabay)
Cushman to consolidate its Lower Manhattan and Brooklyn offices
Cushman to consolidate its Lower Manhattan and Brooklyn offices
The discrimination suit filed against Cushman alleges the firm underpaid an employee of color — along with others on his team — compared to white colleagues. (iStock)
Ex-Cushman employee accuses firm of pay discrimination
Ex-Cushman employee accuses firm of pay discrimination
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...