Cassidy Turley to Gain Position in Atlanta—Key Market for Growth Strategy
ST. LOUIS (May 27, 2011) – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today its commitment to acquire the brokerage and property management businesses of Carter, a national leader in project development, commercial real estate services and investments. Based in Atlanta, Carter maintains full-service offices in Atlanta and Tampa and various offices throughout the U.S.
“Cassidy Turley is delighted to announce our commitment to acquire the brokerage and property management businesses from Carter,” said Mark Burkhart, Cassidy Turley CEO. “Carter’s thoughtful and client-driven approach is consistent with ours and will provide our clients across the country access to the best advice from an industry leading team in this region. The addition of Carter will allow us to offer our full spectrum of services in two significant markets—Atlanta and Central Florida.”
An industry leader for over 50 years, Carter was founded in 1958 in Atlanta as a brokerage and property management firm and evolved into a full service real estate company – offering corporate services, property management, investment sales and project management for clients across the nation. Once the acquisition is completed, Carter’s Brokerage Services and Property and Facility Management groups will operate as Cassidy Turley. Carter has completed transactions valued at $4.6 billion in Atlanta and Tampa alone in the past five years and manages 25 million square feet in 11 states on behalf of private, institutional and corporate clients as well as for its real estate funds.
Going forward, Carter will focus on continuing to grow its remaining and successful Development, Project Management, Investments, Asset Management and Strategic Consulting groups. Continuing to operate these business units as “Carter,” the company will be focused on delivering value as an investor, developer, project manager, consultant, and asset manager for its clients. Carter’s Asset Management division manages more than $2.5 billion of third-party and Carter-owned assets, while its Program Development Services division currently oversees projects across the country and is consistently ranked as one of the top 5 commercial real estate development firms in the nation.
“We are excited about moving forward in the process to join Cassidy Turley. This move will allow us to grow and strengthen our service business by leveraging Cassidy Turley’s leading capital markets, leasing, property management and corporate services platforms,” said Bob Peterson, Chairman and CEO of Carter. “With Cassidy Turley’s national platform and service approach, we can better serve our clients with multi-market needs. In addition, Cassidy Turley’s scale and reputation for workplace satisfaction will enable us to offer our professionals additional growth opportunities and a culture that complements Carter’s.”
“This acquisition will allow reciprocal sharing of best practices between the two firms. We welcome Carter’s key leaders, including Bob Peterson, Chairman and CEO, Scott Taylor, President, Holly Hughes, Executive Vice President and Mike Shelly, Executive Vice President, to our team. We see joining forces as a win-win for Carter, Cassidy Turley, and most importantly, our clients,” added Mr. Burkhart.