Jones Lang LaSalle
Joined Company Looks to Global Markets
By Barbara Jarvie
NEW YORK CITY-The newly formed DTZ Rockwood, the combination of locally based Rockwood Realty Associates LLC and London-based DTZ holdings PLC, will focus on the firm’s complementary business lines. "This will chart new business," Rockwood’s co-CEO/co-chairman Daniel McNulty tells GlobeSt.com.
Rockwood sold a 50% interest in the firm to DTZ for an initial consideration of $45 million plus an earn-out component. The further deferred payment is subject to an overall cap of $75 million, in addition to the initial consideration amount. "They approached us because they wanted to increase their coverage in the US and they had no capital market coverage here." He says the pair was a good fit. "Our cultures are very similar and we handle clients in the same way.
According to McNulty, the deal provides DTZ with a position in the North American real estate capital markets. It also enables Rockwood to offer its client base representation on the global front. "For quite some time our clients have been wanting to work outside of North America and we weren’t in the position to offer those services before."
It also provides existing and future clients with better access to direct investment and capital raising opportunities. "It’s all about proximity," McNulty adds. "We can be in front of the clients‘ needs for additional services. DTZ has a great background in raising capital."
Rockwood is a specialist in investment sales, portfolio disposals, note sales, debt and equity finance, asset management and real estate M&A activities. One of the first markets the firm will focus on is Central America through a wholly-owned Mexican subsidiary, Rockwood Associados LLC.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
Joined Company Looks to Global Markets
By Barbara Jarvie
NEW YORK CITY-The newly formed DTZ Rockwood, the combination of locally based Rockwood Realty Associates LLC and London-based DTZ holdings PLC, will focus on the firm’s complementary business lines. "This will chart new business," Rockwood’s co-CEO/co-chairman Daniel McNulty tells GlobeSt.com.
Rockwood sold a 50% interest in the firm to DTZ for an initial consideration of $45 million plus an earn-out component. The further deferred payment is subject to an overall cap of $75 million, in addition to the initial consideration amount. "They approached us because they wanted to increase their coverage in the US and they had no capital market coverage here." He says the pair was a good fit. "Our cultures are very similar and we handle clients in the same way.
According to McNulty, the deal provides DTZ with a position in the North American real estate capital markets. It also enables Rockwood to offer its client base representation on the global front. "For quite some time our clients have been wanting to work outside of North America and we weren’t in the position to offer those services before."
It also provides existing and future clients with better access to direct investment and capital raising opportunities. "It’s all about proximity," McNulty adds. "We can be in front of the clients‘ needs for additional services. DTZ has a great background in raising capital."
Rockwood is a specialist in investment sales, portfolio disposals, note sales, debt and equity finance, asset management and real estate M&A activities. One of the first markets the firm will focus on is Central America through a wholly-owned Mexican subsidiary, Rockwood Associados LLC.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 3:02 PM
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