SAN FRANCISCO-Washington, DC-based Cassidy Turley, exclusively tells GlobeSt.com 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.
According to San Francisco-based Michael Kamm, president of Cassidy Turley, “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.” What's more, he says, “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,”
Kamm adds that “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 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.
“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,” says 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 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.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
