The two joined forces after Italian investment company Exor agreed to sell New York-based real estate firm Cushman & Wakefield to DTZ for $2 billion.

The new Cushman & Wakefield, owned by an investor group composed of TPG, PAG, and OTPP, will be led by chairman and chief executive Brett White and Global President Tod Lickerman. With a headcount of 43,000 employees and operations in more than 60 countries, it manages over 4.3 billion square feet globally for institutional, corporate and private clients.

“This is a game-changing event in commercial real estate," said White. “Both legacy firms had been aggressively growing their respective platforms and deepening their reach into the market with new acquisitions and talent. Now we have the opportunity to see these ambitions come together – capturing the momentum in the market and clearly claiming our position at the top of the industry.”

“The formation of the new Cushman & Wakefield is the next chapter in the most exciting growth story in the real estate industry,” said TPG founding partner, David Bonderman. “TPG is excited to partner with Brett and his management team as they continue to grow the business.”