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C&W and DTZ merge into global real estate force

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Credit: shutterstock

11 May 2015


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 new company, which will operate under the Cushman & Wakefield brand, will have revenues of over $5.5 billion (£3.5 billion), more than 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 provide a combination of “deep, local market presence with significant scale in core services in the major global markets”.

 

Brett White, who will assume the role of chairman and chief executive officer of the combined company, said: “The companies have remarkably complementary skills and reach in different geographies – whether in New York, London or Shanghai, this will be a formidable combination.”

 

He 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 has more than 30 years’ experience and his previous role was as CEO of CBRE.

 

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 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. 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”, according to Cushman & Wakefield.