Cassidy Turley to be acquired will adopt new branding
Cassidy Turley, a company with Baltimore roots that has grown rapidly across the U.S. since it launched in 2010, is getting a new corporate parent and will soon have a new name.
Private equity giant TPG, investment management firm PAG Asia Capital and the Ontario Teachers Pension Plan will buy Washington, D.C.-based Cassidy Turley and combine it with DTZ. That’s the global real estate services firm also owned by the TPG-led group, thanks to a $1.15 billion acquisition of UGL Ltd. announced earlier this year.
The combined company will retain the DTZ brand, according to a memo distributed to staffers. That shift would happen after the deal closes, which is expected to occur Dec. 31.
Cassidy Turley has 60 offices across the U.S., including Baltimore. It tops the Baltimore Business Journal’s list of commercial real estate brokerages with 42 local agents. The Baltimore office completed 488 leases and 34 sales in 2013, according to Baltimore Business Journal research. It handles some of the area’s most high-profile properties, including arecent sale listing for 300 E. Lombard St. in downtown Baltimore.
Cassidy Turley stems, in part, from a Baltimore brokerage. Colliers Pinkard in 2010 dissolved its Colliers affiliation to help form Cassidy Turley along with several other U.S. brokerages. Wally Pinkard, the former CEO of Colliers Pinkard, is currently chairman of Cassidy Turley.
DTZ also has offices in the U.S., but it is much stronger overseas with particular strengths in Asia.
The new company would rank in the top three global real estate firms, along with CBRE Group Inc. and JLL, and would have revenue of more than $2.9 billion and 28,200 total employees.
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Courtesy of Baltimore Business Journal