ATLANTA (Aug. 19, 2014) – It looks a private equity firm is about to acquire real estate services firm Cassidy Turley.
Daniel Geiger of Crain's New York reported late this afternoon that TPG is in talks to acquire the Washington, D.C.-based CRE firm. Geiger attributes the news to several unnamed sources familiar with the talks.
Geiger's story lays out what likely will occur: The deal would potentially lay the framework for a new, major real estate services company with a global reach. In June, TPG Capital announced it and a partnership of institutional investors were buying DTZ, a property services firm and brokerage focused on Europe and Asia, for $1.2 billion.
Cassidy Turley would complement that purchase, said Joseph Harbert, the president of Colliers International's eastern region, who is not involved in the deal.
Cassidy Turley has been working to establish itself as a major player in Atlanta but has had turnover at a couple of key positions.
Stay tuned for updates.