Commercial real estate firm Cushman & Wakefield has completed a merger with global real estate adviser DTZ. The combined company will operate under the Cushman & Wakefield name. Together the firms have a combined $5 billion in revenue, 43,000 employees, more than 4.3 billion square feet under management, and $191 billion in transaction value, according to a press release.
The company will be led by global president Tod Lickerman and chairman and CEO Brett White. Cushman & Wakefield is majority owned by an investor group led by the Ontario Teacher’s Pension Plan, Asian alternative-investment firm PAG, and global private-investment firm TPG.
“This is a game-changing event in commercial real estate,” White said. “Both legacy firms had been aggressively growing their respective platforms and deepening their reach into the market with new acquisitions and talent. Now we have the opportunity to see these ambitions come together, capturing the momentum in the market and clearly claiming our position at the top of the industry.”
“The completion of the merger is a historic leap forward, but it isn’t the end of our journey,” added Lickerman. “Today is an important milestone that propels us into a future rich with opportunity for our clients, our people, and our company.”
Cushman & Wakefield now operates in more than 60 countries. The Americas group will be led by Joe Stettinius, chief executive.
As part of the merger, the company also unveiled a new logo.
Several Cushman & Wakefield reports, produced by the company’s Self Storage Industry Group (SSIG), are available through the Inside Self-Storage Store including quarterly Metropolitan Statistical Area Reports and monthly National Rental Activity Reports. Self-Storage Performance Quarterly Reports, which offer in-depth market data on a national level, are available individually or as an annual subscription. Details can be found on the website.
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. The firm's Valuation & Advisory Division, which includes the SSIG, is one of the largest real estate valuation and consulting organizations in the world. Founded in 1917, the company offers a complete range of services for all property types including leasing, sales and acquisitions, debt and equity financing, investment banking, corporate services, property management, facilities management, project management, consulting and appraisal.
Sources:
- Cushman & Wakefield: Cushman & Wakefield and DTZ Announce Completion of Merger
