Cassidy Turley Incorporates Western Region Affiliates into Firm
- Sep 23, 2013
Following a trajectory it set for itself three years ago when the firm first launched, Cassidy Turley has merged its former affiliates in Arizona, Colorado, Northern California and San Diego into the firm, and all are now fully owned by the commercial real estate service provider.
“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,” Joseph Stettinius, Cassidy Turley’s CEO, said in a company statement. “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 percent shareholder approval in each market.”
Together, the four West region organizations comprised 22 offices with 790 personnel, consisting of 475 brokers doing approximately $7.3 billion in transactions last year. Thanks to the consolidation, Cassidy Turley now generates half of its revenue and has approximately 50 percent of its 3,800 employees west of the Mississippi River.
The Northern California region consisted of 14 offices with 400 personnel, 275 brokers, 21.5 million square feet under management and $4.3 billion in 2012 transaction volume; Phoenix offered 113 personnel and 73 brokers with 2.5 million square feet under management and 2012 transaction volume exceeding $886 million; Offices in Denver and Fort Collins totaled 114 personnel, 55 brokers, 5.4 million square feet under management and $843 million in 2012 transaction volume; and five offices in metro San Diego with an additional location in Orange County, contributed 163 personnel, 90 brokers, 4.3 million square feet under management and $1.3 billion in 2012 transaction volume.
“Unification creates a more effective organization, but, more importantly, it enables us to better serve clients seamlessly and with greater transparency,” Stettinius said. “Additionally, the mergers are both accretive to our margin and our overall business performance.”
The firm now includes the #1 or #2 commercial real estate brokerage in San Francisco, Silicon Valley, San Diego, Phoenix, Denver and Fort Collins, CO, as ranked by each city’s leading business media.