TPG-Led Group to Buy Cassidy Turley
September 21, 2014

A group including private-equity firm TPG is close to announcing that it is buying Cassidy Turley, according to a person familiar with the matter, in the latest sign of consolidation in the commercial real estate services industry.

The deal to buy Washington, D.C.-based Cassidy Turley, which has more than 60 offices throughout the U.S., could be announced as early as Monday, the person said. A price wasn't available...

The commercial real-estate industry has seen a flurry of acquisitions in recent years, partly in response to the expanding global reach of the businesses the firms serve. As companies have opened offices throughout the world, they increasingly have preferred real-estate firms that can help them solve their space needs in numerous locations.

Earlier this year, London-based Savills PLC bought New York-based Studley Inc. for $260 million cash and stock to form Savills Studley. BGC Partners Inc., a spinoff of Cantor Fitzgerald, has been steadily growing Newmark Grubb Knight Frank through acquisitions.

TPG-Led Group to Buy Cassidy Turley

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