DTZ, CushWake complete merger

New company has $5B in revenue, 43,000 employees and more than 4.3B sf under management

From left: Todd Lickerman and Brett White
From left: Todd Lickerman and Brett White

Four months after DTZ’s acquisition of Cushman & Wakefield was announced, the merger is complete.

The new company, dubbed Cushman & Wakefield, operates in the top ranks of global commercial real estate, with 250 offices in 60 countries, $5 billion in annual revenue, 43,000 employees and more than 4.3 billion square feet under management worldwide.The company is led by chairman and CEO Brett White, the former chief executive of CBRE, and president Tod Lickerman, formerly the DTZ chief. Ron Lo Russo heads the firm’s New York office.

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Cushman & Wakefield’s new logo

Cushman & Wakefield is majority owned by an investor group led by global private equity firms TPG and PAG, along with the Ontario Teachers’ Pension Plan.

DTZ announced back in May it was buying Cushman for $2 billion. DTZ acquired commercial real estate services firm Cassidy Turley in January for $550 million. Just before that, Cushman bought investment sales broker Massey Knakal Realty Services for a reported $100 million. – Ariel Stulberg