Global leader in commercial real estate services, Cushman & Wakefield, has announced the triumphant completion of its merger with DTZ in “game-changing event in commercial real estate.”
This new Cushman & Wakefield, will bring the best from both firms and in return, with a combined total of $5 billion in revenue, 43,000 employees and over 4.3 billion square feet being managed, it will create one of the largest real estate firms in the world.
The firm is owned by an investor group which comprises PAG, OTPP and TPG, while Brett White, Chairman & Chief Executive Officer and Global President Tod Lickerman will be leading the company.
Mr 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.”
Cushman & Wakefield currently operates in more than 60 countries and has every major market covered for continued growth.
Mr Lickerman added: “The completion of the merger is an 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.
“The formation of the new Cushman & Wakefield is the next chapter in the most exciting growth story in the real estate industry.”