DTZ finalizes acquisition of Cassidy Turley

FORT COLLINS — Global real estate firm DTZ announced Monday that it has completed the acquisition of Cassidy Turley, a provider of commercial real estate services that has 60 offices nationwide including Fort Collins and Denver.

Financial terms of the deal were not disclosed.

All of Cassidy Turley’s offices have been rebranded DTZ.

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Chicago-based DTZ, a division of UGL Limited, was acquired in November by a private-equity investment consortium backed by TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan.

Tod Lickerman will be the global chief executive of the integrated company. Joseph Stettinius Jr., Cassidy Turley’s CEO, is now chief executive of the Americas, while Brett White, former CEO of CBRE Group, who also invested in the acquisition, will become full-time executive chairman in March.

The new company provides clients additional integrated capabilities across more than 30 major U.S. markets in addition to locations throughout Europe, the Middle East, Africa and Asia. It represents $2.9 billion in annual revenue and more than 28,000 employees. It will manage 3.3 billion square feet globally on behalf of institutional, government, corporate and private clients.

Greg Morris, who manages the former Cassidy Turley offices in Fort Collins and Denver, said becoming a part of DTZ will allow brokers in Colorado to access potential buyers from throughout the world, especially Europe and Asia.

“It will bring more money into this market from overseas,” he said.

It  also will allow local offices to expand into facilities management, a strength of DTZ, he said. The office in Fort Collins has 15 people – 12 brokers and three administrative staff members, Morris said.

DTZ is ranked No. 1 in China for investment sales transactions, with more than 50 percent market share, and is ranked No. 3 in London and the U.K.

DTZ stands for Debenham, Thouard and Zadelhoff.

This story was updated Jan. 7 adding comments from Greg Morris, who manages DTZ’s offices in Fort Collins and Denver.