Rockwood sold a 50% interest in the firm to DTZ for an initial consideration of $45 million plus an earn-out component. The further deferred payment is subject to an overall cap of $75 million, in addition to the initial consideration amount. "They approached us because they wanted to increase their coverage in the US and they had no capital market coverage here." He says the pair was a good fit. "Our cultures are very similar and we handle clients in the same way.

According to McNulty, the deal provides DTZ with a position in the North American real estate capital markets. It also enables Rockwood to offer its client base representation on the global front. "For quite some time our clients have been wanting to work outside of North America and we weren't in the position to offer those services before."

It also provides existing and future clients with better access to direct investment and capital raising opportunities. "It's all about proximity," McNulty adds. "We can be in front of the clients' needs for additional services. DTZ has a great background in raising capital."