by Brianna Crandall — May 15, 2015—Cushman & Wakefield (C&W) and DTZ have reached a definitive agreement to merge, and the combined group is set to become one of the world’s largest real estate services companies.
The new company, which will operate under the Cushman & Wakefield brand, will have over 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. The expanded full-service offering will reportedly provide a unique combination of deep, local market presence with significant scale in core services in the major global markets. The investors for the C&W acquisition by DTZ include TPG, PAG and OTPP.
Upon completion of the merger, Brett White, an industry leader with over 30 years’ experience whose previous role was as chief executive officer (CEO) of CBRE, will assume the role of chairman and CEO of the combined company. Carlo Barel di Sant’Albano, current International CEO of Cushman & Wakefield and EMEA CEO, will take a senior global leadership role. John Santora, current CEO of North America at Cushman & Wakefield, will become chief operating officer (COO) and chief integration officer (CIO) and Tod Lickerman, current Global CEO of DTZ, will assume the role of president of the global company.
The new Cushman & Wakefield will create a top-tier global commercial real estate service provider in every service line and every major geography in the world, say the companies. 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. The transaction is expected to close before the end of the year.
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 259 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management.
DTZ provides occupiers, tenants and investors around the world with a full spectrum of property solutions. The company’s core capabilities include agency leasing, tenant representation, corporate and global occupier services, property management, facilities management, facilities services, capital markets, investment and asset management, valuation, research, consulting, and project and development management. DTZ provides property management for 1.9 billion square feet, and facilities management for 1.3 billion square feet, worldwide. Headquartered in Chicago, DTZ has more than 26,000 employees who operate across more than 260 offices in 50 countries.
