DTZ acquire Wright Property Group

DTZ, the global commercial real estate services company, has announced the acquisition of Queensland real estate agency, Wright Property Group.

Established in 2002 by Glen Wright, Wright Property has offices in Brisbane and the Gold Coast, specialising in industrial, commercial and retail agency, as well as property management base, project management and research.

Wright Property employs more than 50 staff in Queensland with over $1.3billion transactions in 2014/15.

The company will continue to operate under the Wright Property Group brand until the DTZ and Cushman & Wakefield merger closes, which is expected before the end of the year

This acquisition marks another step in the growth of DTZ’s business in the Asia Pacific Region headed by DTZ chief executive for Australia and New Zealand, James Patterson. 

The combined businesses will now employ 1,550 staff across Australia and New Zealand and will generate revenues of more than $295 million. Following a number of recent facility management successes, James Patterson said DTZ was expecting to grow into a 1,800 strong workforce by the end of 2015. 

The global company completed $63 billion in transaction volume globally in 2014 on behalf of institutional, corporate, government and private clients. Headquartered in Chicago, DTZ has more than 28,000 employees who operate across more than 260 offices in 50 countries.

DTZ announced an agreement to merge with Cushman & Wakefield in May 11.

The new company, which will operate under the Cushman & Wakefield brand, will have revenues over $5.5 billion, over 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients.