Commercial real estate service companies Cushman & Wakefield and DTZ have completed their previously announced $2 billion merger, with the combined company now known as Cushman & Wakefield and headquartered in New York City.
Officials did not immediately address issues including the impact of the merger on the company’s San Diego County workforce or office operating structure. A company spokeswoman said integration issues will be discussed in coming weeks.
Prior to the merger, announced in May, both firms had offices in University Towne Center, downtown San Diego and Carlsbad. The firms employed a total of approximately 150 in the local market before the merger.
San Diego County operations of the new Cushman & Wakefield are being headed by Dan Broderick, who previously led DTZ and its predecessor, Cassidy Turley. Broderick now goes by the title of Southwest Region Market Lead.
“Our merged organization combines some of the industry’s leading San Diego professionals with a superior global platform,” Broderick said in a statement.
“In San Diego, our nearly 100 years of legacy with Burnham Real Estate and BRE Commercial, our prolific local community involvement, and our premier international brand and capabilities allow us to bring more value to our clients as we provide them with the most sophisticated and creative commercial real estate solutions in the market,” Broderick said.
Cushman & Wakefield is majority owned by an investor group led by private equity firms TPG, PAG and OTTP. The investor group in recent years acquired Chicago-based DTZ, Washington, D.C.-based Cassidy Turley, and most recently New York-based Cushman & Wakefield.
The combined firm is now led by Chairman and CEO Brett White, who previously headed DTZ.
Officials said the new Cushman & Wakefield has 43,000 employees and $5 billion in annual revenue, with more than 4.3 billion square feet of space under management and $191 billion in global transaction value, with operations in 60 countries.