Cassidy Turley announced this week that it had finalized the acquition of the brokerage and property management businesses of Carter. While fincials of the deal were not disclosed, the St. Louis Business Journal notes that Carter has completed transactions valued at $4.6 billion in the past five years and manages 25 million square feet in 11 states on behalf of private, institutional and corporate clients and for its real estate funds.
"Our acquisition of Carter allows us to expand Cassidy Turley's service offerings, including investment sales, finance, tenant representation, project leasing and corporate services, and gives us a significant presence in two major markets, Atlanta and Florida, strengthening our geographic footprint in the Southeast," said Mark Burkhart, CEO, Cassidy Turley. "Our expansion is important, particularly in today's economy, as our clients are rethinking their financial, operational and growth strategies to improve their return on investment and are looking to firms like Cassidy Turley to deliver integrated services, economies of scale and geographic reach."
"This transaction with Cassidy Turley enables us to leverage our property leasing and management services for Class A product across the nation to better serve our clients," said Bob Peterson, Chairman and CEO of Carter. "Cassidy Turley's growth strategy is smart, selective, thoughtful and client-focused – they are one of the few firms today to recognize the level of service quality and sophistication that clients demand."
Peterson and Carter's President, Scott Taylor, will have dual roles providing leadership for both Carter and Cassidy Turley. The transaction adds about 270 new employees and 25 million managed square feet in 11 states to Cassidy's roster.
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