Investors to buy Cassidy Turley, create global firm

DC-based company has over 100 employees in its Baltimore office

September 22, 2014|By Natalie Sherman | The Baltimore Sun

A group of investors plans to buy commercial real estate services firm Cassidy Turley and combine it with DTZ, creating a global real estate network, Cassidy Turley said Monday.

Terms of the deal, expected to close at the end of the year, were not disclosed. The combined firm, which will use the DTZ brand, represents some $2.9 billion in revenue and more than 28,200 total employees, Cassidy Turley said in a statement.

The Cassidy Turley brand launched in 2010, roughly two years after four groups, including former Baltimore-based Colliers Pinkard, joined to create a larger real estate network. Today the Washington-based firm has about 4,000 people, including 125 in Baltimore, said David Gillece, regional managing principal in Cassidy Turley's Baltimore office. No layoffs are anticipated locally, he said.

"All of us who were there at the beginning are both thrilled and a bit amazed," Gillece said. "We wanted to build a company and that's obviously happened and today it's culminated in an announcement that it's not only going to be a national brand but it's going to be a global brand."

The investment group, which in June announced plans to buy DTZ from an Australian firm, includes private equity firm TPG, PAG Asia Capital and Ontario Teachers' Pension Plan. The roughly $1.14 billion DTZ acquisition is slated to close at the end of October.

Gillece said the private equity backing will give the firm greater access to capital, while combining forces with DTZ will plug a current gap in the firm's ability to serve clients.

"More and more of our clients have overseas operations and they're looking for a provider than can handle needs in New York as well as London and Shanghai," he said. "Where that was a luxury 20 years ago, it is an essential now."

nsherman@baltsun.com

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