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Page 8 — COLORADO REAL ESTATE JOURNAL — January 21-February 3, 2015
Cushman &Wakefield of Colorado, Inc.
1050 17th Street, Suite 1400, Denver, CO 80265
303 813 6400
JON HENDRICKSON
Senior Director
Investment Sales | Capital Markets
303 813 6430
AARON D. JOHNSON
Senior Director
Investment Sales | Capital Markets
303 813 6434
Cushman &Wakefield of Colorado, Inc. is pleased
to announce the addition of Jon Hendrickson
and Aaron D. Johnson as Senior Directors to
our Denver office Capital Markets team.
Their localized expertise combined with our
world-class platform will add significant value to
Cushman &Wakefield’s clients in the Denver
metro area.
OUR PRESENCE
IN DENVER
ENHANCING
Greater Denver
by Jill Jamieson-Nichols
A Denver commercial real
estate firm that decided five
years to “go big” now is part of
the third-largest company of its
kind in the world.
Cassidy Turley, with Colorado
offices in Denver and Fort Col-
lins, now operates as DTZ, a
global company with $2.9 billion
in annual revenues and more
than 28,000 employees.
The consolidation – which fol-
lows recent acquisitions of the
two companies by a consortium
backed by TPG Capital, PAG
Asia Capital and Ontario Teach-
ers’ Pension Plan – pools DTZ’s
huge presence in Europe and
Asia with Cassidy Turley’s capa-
bilities throughout the United
States. It also puts DTZ among
the ranks of commercial real
estate powerhouses CBRE and
JLL.
“We can do
virtually any
type of real
estate any-
where in the
world,” said
Greg Morris,
DTZ’s man-
aging princi-
pal in Denver,
who oversees
a combined
workforce of 180 employees in
the metro area and Northern
Colorado.
Part of an ongoing consolida-
tion within the commercial real
estate arena, the transition rep-
resents immense change for a
company whose reach, for most
of its history, was confined to
Colorado. The Denver office was
founded as Fuller and Co. in
1955.
“In late 2009, when we were
coming out of the recession, we
met internally to discuss, ‘What
do we want to be when we grow
up,’ because we saw the changes
to the industry and the business.
We decided it was a question of,
‘Do we want to go big or stay
local,’” said Morris. “We made
the decision to go big.”
The company met with CBRE
and JLL to talk about being
acquired, “but it wasn’t the right
fit for us,” said Morris. The Den-
ver firm was drawn to the entre-
preneurial and independent
spirit of then-newly formed Cas-
sidy Turley, which resulted in its
affiliation and ultimate sale.
“Up until 2010, we were pri-
marily a local, regional full-
service commercial real estate
brokerage company and didn’t
really venture outside the Den-
ver metro area or Colorado. We
have changed and grown more
in the last four years than in the
previous 55 years,” Morris said.
“Our brokers and clients wel-
come this change. It really allows
us to keep pace with the chang-
ing industry and demands and
expectations of our clients,” he
said. Noting that clients expect
a higher level of service today,
Morris said in order to retain top-
performing brokers, “We have to
be able to deliver resources and
services to our brokers so they in
turn can provide that to clients.”
TheDenverDTZoffice remains
“a very, very tight group,” he
said. “I think it’s one of the main
reasons we have virtually no
turnover. I think our people like
to be here.”
Consolidation within the com-
mercial real estate industry has
created “an incredible last few
years,” saidMorris, who believes
that, going forward, there will be
“three or maybe four very large,
full-service global companies.”
“There is probably room for
one more, but I personally think
that after that last spot is filled,
that there will be a barrier to
entry and the door to a global
platform is going to close. This
is going to be a very interesting
time coming up over the next
year or so to see who steps up
to fill that final spot on a global
level.
“I think what you’re going to
see moving forward are three
levels of companies”: the large,
global firms; niche companies
that specialize in a specific prod-
uct type, such as retail or multi-
family; and then small, local real
estate companies.
Greg Morris
This is going to be
a very interesting
time coming up
over the next year
or so to see who
steps up to fill
that final spot on a
global level.
– Greg Morris, DTZ