Cushman & Wakefield to Merge With DTZ
John Jordan | May 2015
NEW YORK—Cushman & Wakefield and DTZ have reached a definitive agreement to merge and are set to become one of the largest global real estate services companies. The deal was announced by both firms on May 11th.
The new company, which will operate under the Cushman & Wakefield brand, will have revenues of more than $5.5 billion, over 43,000 employees and will manage more than four billion square feet globally on behalf of institutional, corporate and private clients. The expanded full-service offering will provide a unique combination of deep, local market presence with significant scale in core services in the major global markets.
“DTZ is elated to be merging under the prominent Cushman & Wakefield brand. The companies have remarkably complementary skills and reach in different geographies—whether in New York, London or Shanghai, this will be a formidable combination,” said Brett White, who will assume the role of Chairman and Chief Executive Officer of the combined company. White added, “While breadth and depth are important to serve clients, it’s not just about size. It’s also about local expertise and deep customer service, which are strong traits of Cushman & Wakefield and DTZ, and ultimately what will differentiate us going forward.” White who has more than 30 years’ commercial real estate experience, was previously CEO of CBRE.
“This transaction builds upon the considerable momentum we’ve achieved over the past 18 months and positions Cushman & Wakefield to deliver incremental value to clients worldwide from a broadened and strengthened global service platform,” said Edward C. Forst, president and CEO of Cushman & Wakefield. “The combined company will truly represent the best our industry has to offer, with an enhanced ability to help clients achieve their goals and to deliver rewarding prospects for the tremendous Cushman & Wakefield team.”
Upon completion of the merger, 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 and Chief Integration Officer and Tod Lickerman, current Global CEO of DTZ, will assume the role of President of the global company.
The transaction is expected to close before the end of the year and is subject to customary closing conditions.