NEW YORK – The $2 billion sale of Cushman & Wakefield, a global commercial real estate services firm, has been finalized, creating one of the world’s largest real estate companies.
With this merger with Chicago-based DTZ, the new Cushman and Wakefield will have 44,000 employees and estimated annual revenue of $5 billion.
Investor David Bonderman of Fort Worth is now one of the key owners of the firm, which will operate as Cushman & Wakefield. Cushman & Wakefield will be led by Chairman and Chief Executive Officer Brett White and Global President Tod Lickerman.
“The formation of the new Cushman & Wakefield is the next chapter in the most exciting growth story in the real estate industry,” said Bonderman, TPG Founding Partner. “TPG is excited to partner with Brett White and his management team as they continue to grow the business.”
Cushman & Wakefield is majority owned by an investor group led by TPG, PAG, and OTTP.
The seller, the Italian holding company Exor SpA, which is controlled by the Agnelli family, conveyed its stake in Cushman and Wakefield to Bonderman’s TPG Capital.
Last year, TPG acquired the Cassidy Turley realty firm.
With the completion of the merger, Cushman and Wakefield has more than 4.3 billion square feet under management.
Joe Stettinius will serve as Cushman & Wakefield’s Chief Executive, Americas. Other executives include:
Ron Lo Russo, Tri-State Region President/NY City Region Market Lead
Shawn Mobley, East Region President/North Central and Southeast Region Market Lead/Chicago Market Lead
Celina Antunes, South America Region President
Mike Smith, West Region President/Texas Region Market Lead
Region Market Leads
Luis Alvarado, Northeast Region Market Lead/Boston Market Lead
Dan Broderick, Southwest Region Market Lead/San Diego Market Lead
Jim Fagan, Connecticut Region Market Lead/Stamford and Westchester Market Lead
Mike Kamm, Northwest Region Market Lead
Victor Lachica, Mexico Region Market Lead
Roberta Liss, Mid-Atlantic Region Market Lead/DC Metro Market Lead
Dean Mueller, South Central Region Market Lead