Unifying Under Single-Ownership Expected to Support Further Investment In Technology and Personnel
Cassidy Turley has acquired full ownership of its former affiliates in several key markets, including Arizona, Colorado, Northern California and San Diego.
The consolidation of operations under unified corporate ownership in the four markets adds 790 personnel, including 475 brokers, and $7.3 billion in transaction volume, under the parent company's ownership umbrella.
Cassidy Turley, formed in January 2010 by a merger of eight affiliates from Colliers, Grubb & Ellis and NAI Global, has grown into one of the largest U.S. CRE brokerage and services companies. The goal from the outset was to unify the organization into a single firm at the appropriate time, said Cassidy Turley CEO Joseph Stettinius.
Stettinius noted that it’s enormously gratifying to finish the process of bringing all of Cassidy Turley's major markets under a common ownership structure -- "especially with 100% shareholder approval in each market," he added.
With the ownership changes complete, Cassidy Turley said it now generates half of its revenue and has about half of its 3,800 employees west of the Mississippi River. The consolidated firm now includes the top CRE brokerages in San Francisco, Silicon Valley and Fort Collins, CO, and the number 2 brokerage firms in San Diego, Phoenix and Denver, as ranked by local media.
Cassidy Turley President Michael Kamm said the full alignment of ownership across the country will facilitate additional investments in technology and people, and "equalize the opportunities for our professionals to share in our profitability," said Kamm.
The fully unified structure adds the following operations to Cassidy Turley's corporate assets:
- 14 offices in Northern California, with 400 associates, including 275 brokers, 21.5 million square feet under management and $4.3 billion in 2012 transaction volume;
- Five offices in the San Diego metro, with an additional location in Orange County, totaling 163 personnel, including 90 brokers, 4.3 million square feet under management, and $1.3 billion in 2012 deal volume;
- 113 personnel and 55 brokers based in Phoenix with 2.5 million square feet under management and 2012 volume of more than $886 million;
- Offices in Denver and Fort Collins, CO, with 114 personnel, 55 brokers, 5.4 million square feet under management, and $843 million in 2012 volume.