Cassidy Turley Fully Merges Former Affiliates in Arizona, Colorado, Northern California and San Diego with Parent Firm Unified, Single-ownership Structure Better Serves Clients and Enables Further Investment
WASHINGTON, Sept. 9, 2013 /PRNewswire/ -- Cassidy Turley, a leading commercial real estate services provider in the U.S., announces that former affiliates in Arizona, Colorado, Northern California and San Diego are now fully owned by Cassidy Turley. The unified ownership structure affirms the trajectory set three years ago when the firm launched.
Cassidy Turley's Arizona, Colorado, Northern California and San Diego operations affiliated with the firm in 2010, with each bringing decades of experience and leadership in its specific market to the new company. In total, the four markets add 790 personnel, including 475 brokers, and $7.3 billion in transaction volume.
"When we began this journey with our partners in Arizona, Colorado, Northern California and San Diego in 2010, our goal was to unify the organization into a single firm at the appropriate time," said Joseph Stettinius, CEO of Cassidy Turley. "It's enormously gratifying to see that vision further realized by bringing all of our major markets into a common ownership structure – especially with 100% shareholder approval in each market. Unification creates a more effective organization, but, more importantly, it enables us to better serve clients seamlessly and with greater transparency. Additionally, the mergers are both accretive to our margin and our overall business performance."
With the transition, Cassidy Turley now generates 50% of its revenue and has approximately half of its 3,800 employees west of the Mississippi River. The consolidated firm now includes the top commercial real estate brokerages in San Francisco, Silicon Valley and Fort Collins, CO, and the No. 2 commercial real estate brokerage firms in San Diego, Phoenix and Denver as ranked by each city's leading business media.
"Achieving cultural alignment with such large-scale M&A activity is an enormous accomplishment, and fully validates our decision to form our affiliation more than three years ago," said Michael Kamm, President of Cassidy Turley. "What's more, ownership alignment enables us to deploy additional investments in both technology and our people, furthering our ability to collaborate across markets and service lines and equalizing the opportunities for our professionals to share in our profitability," Mr. Kamm continued. "Completing the merger with our affiliates in Arizona, Colorado, Northern California and San Diego completes this phase of our growth, and we look forward to the next phase."
With a fully unified structure, Cassidy Turley gains:
- 14 offices in Northern California with 400 personnel, 275 brokers, 21.5 million square feet under management and $4.3 billion in 2012 transaction volume
- Five offices in metro San Diego with an additional location in Orange County, 163 personnel, 90 brokers, 4.3 million square feet under management and $1.3 billion in 2012 transaction volume
- 113 personnel and 55 brokers based in Phoenix with 2.5 million square feet under management and 2012 transaction volume exceeding $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 transaction volume.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
SOURCE Cassidy Turley