Cushman & Wakefield, a New York City-based global leader in commercial real estate services, reported it has merged with DTZ, a British-based real estate adviser and property management firm with U.S. headquarters in Chicago, to create “one of the largest real estate investment firms in the world.”
“The new Cushman & Wakefield draws on the best of both legacy organizations with a combined total of $5 billion in revenue, 43,000 employees, more than 4.3 billion square feet under management and $191 billion in transaction value,” Cushman & Wakefield officials said.
Cushman & Wakefield will be led by Chairman/CEO Brett White and Global President Tod Lickerman.
“This is a game-changing event in commercial real estate,” said White. “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 new Cushman & Wakefield is a top-tier global commercial real estate service provider in every service line and every major geography in the world. With a tenacious, entrepreneurial and client-centric culture of highly skilled people behind both firms, the new company will be able to tap into greater resources worldwide to ultimately deliver superior results for clients,” a company spokesperson said.
“The completion of the merger is a historic leap forward, but it isn’t the end of our journey. Today is an important milestone that propels us into a future rich with opportunity for our clients, our people, and our company,” Lickerman added.
“The formation of the new Cushman & Wakefield is the next chapter in the most exciting growth story in the real estate industry,” said David Bonderman, TPG Founding Partner. "TPG is excited to partner with Brett and his management team as they continue to grow the business.”
“I am confident that our people, armed with exceptional resources and the excitement of being in the center of this powerful evolution of our industry, will deliver a level of service and quality to our clients equal to the very best our industry has to offer,” said White.