The new Cushman & Wakefield, an international commercial real estate services that operates in 60 countries, now is official. DTZ announced on Wednesday that its acquisition of Cushman & Wakefield has been completed. The combined organizations are now one of the world’s largest real estate services firms, with significant reach into the senior housing sector.
The company says the merger will enable expansion in senior housing.
“Senior Housing is a field where we can really add value for our clients,” a Cushman & Wakefield spokesperson told SHN. “This merger expands on that ability, with a deepened global platform and greater resources and understanding of marketing conditions. We’re excited and looking forward to having new conversations with our clients about our increased capabilities.”
The merger was initially announced four months ago for the purchase price of $2 billion.
“This is a game-changing event in commercial real estate,” Cushman & Wakefield CEO Brett White said in a prepared statement. “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 is already a major player in the senior housing real estate market, with more than 80 years and $16 billion of experience as investors, brokers, operators and bankers. Cushman & Wakefield offers senior housing services including strategic planning, access to debt financing, equity capital and joint ventures, investment sales and brokerage, re-capitalizations and broker value opinion. DTZ has sold more than 135 properties in over 25 states in senior housing.
The combined revenue of the two organizations reaches $5 billion, with 43,000 employees and more than 4.3 square feet under management and $191 billion in transaction value.
Cushman & Wakefield will be led by Brett White, who has served as DTZ executive chairman and CEO, and Tod Lickerman, who has served as DTZ’s global president. Joe Stettinius, who has served as chief executive of the Americas with DTZ, will continue this role at the new Cushman & Wakefield, Washington Business Journal reported.
Written by Amy Baxter