Washington, D.C.-based Cassidy Turley, whose local real estate brokerage is among the largest in Indianapolis, will become part of rival DTZ following its sale to a private-equity firm.
Cassidy Turley announced Sept. 22 that it agreed to be acquired by Texas-based TPG Capital, which also is buying DTZ. TPG’s purchases of both DTZ and Cassidy Turley are set to close by the end of the year.
Chicago-based DTZ’s presence throughout Europe and Asia will provide Cassidy Turley the platform to become a global player under the DTZ name, the firms said in a written statement.
Cassidy Turley has more than 60 offices throughout the United States. DTZ has 209 offices in 52 countries. The combination will create a company with more than 28,200 employees and $2.9 billion in annual revenue.
With 32 local licensed brokers, Cassidy Turley is the city’s second-largest commercial real estate brokerage, trailing only Summit Realty Group, which wrestled the top spot from Cassidy Turley just this year, according to IBJ research.
DTZ has a small Indianapolis office led by David Reed, whom the firm hired in May to grow its local presence by creating a managing director’s position. Reed previously held a similar title at the Indianapolis office of the CBRE brokerage.