Another commercial real estate acquisition appears to be in the works, with buyout firm TPG Capital reportedly in talks to acquire Washington, D.C.-based real estate services Cassidy Turley.
The details are scant and the parties involved aren’t sharing much about of the potential acquisition, but the news of this possible deal comes on the heels of TPG and other investors announcing in June they would buy international real estate firm DTZ for $1.2 billion. Last week, Crain’s New York Business reported TPG was in talks to buy Cassidy Turley.
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Earlier this month, TPG — a capital group that controls more than $59 billion in buyout, credit and real estate assets — announced it planned to start raising money this month for a $12 billion flagship fund. Those funds could boost Cassidy Turley with its growth plans.
TPG was co-founded by billionaire David Bonder man as Texas Pacific Group in 1992, with investments in Energy Future Holdings and casino operator Caesars Entertainment Corp.
In Dallas, Cassidy Turley Regional Managing Principal Bret Bennett previously told the Dallas Business Journal, ” We are growing, and have the opportunity to bring in more people and grow.”
If Cassidy Turley was acquired by TPG, this could give the real estate services firm access to an international platform. According to DTZ’s website, the firm has 47,000 employees in 208 offices in 52 countries.
If TPG acquires the commercial real estate services firm, this would be yet another acquisition in the industry.
In the past year, there’s been a bit of consolidation in the industry, including Savills recently acquiring New York-based Studley and the expansion of New mark Grubb Knight Frank with the acquisition of Cornish & Carey Commercial.TPG’s $1.5 billion investment in the $45 billion TXU buyout was likely wiped out since Energy Future Holdings filed for bankruptcy protection in April.TPG lost another $1.35 billion from a March 2008 investment in Washington Mutual. Just six months later, WaMu became the nation’s biggest bank failure ever.