ST. LOUIS AND ATLANTA — Cassidy Turley has completed its acquisition of the brokerage and property management businesses of Atlanta-based Carter, a national firm with project development, commercial real estate services and investments departments.
Effective immediately, Carter’s chairman and CEO, Bob Peterson, and its president, Scott Taylor, will have dual roles and provide leadership for both Carter and Cassidy Turley’s Atlanta and Tampa offices. Additionally, Carter’s former brokerage services and property and facility management groups will operate as Cassidy Turley. Carter will continue to focus on its existing national development, project management, investments, asset management and strategic consulting businesses under the “Carter” name brand.
The acquisition allows Cassidy Turley to expand its service offerings, including investment sales, finance, tenant representation, project leasing and corporate services. Carter is one of the country’s largest commercial developers, with strong higher education, K-12, interiors, and corporate specialty practices, in addition to currently overseeing a $550 million portfolio. Carter’s asset management division manages more than $2.5 billion of third-party and Carter-owned assets.
“Acquiring Carter gives us a significant presence in two major markets, Atlanta and Florida, strengthening our geographic footprint in the Southeast and making us a player here,” said Mark Burkhart, CEO of 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 through integrated services, economies of scale and geographic reach.”
Cassidy Turley adds to its more than 3,300 professionals in more than 60 offices nationwide, representing small businesses to Fortune 500 companies, local non-profits to major institutions. The firm completed transactions valued at $18 billion in 2010, manages 455 million square feet on behalf of private, institutional and corporate clients and supports more than 25,000 domestic corporate services locations.
“This move to Cassidy Turley for Carter is a game changer, and significantly improves our ability to serve our clients and attract talent,” said Peterson. “Even though we've been successful as a regional company, we felt to pursue excellence for our clients and our people that will be better off on national platform.”
Other Carter executives joining Cassidy Turley as part of the acquisition include Holly Hughes, who will serve as senior managing director of property management, Cassidy Turley, and Mike Shelly, who will serve as senior managing director of brokerage services, Cassidy Turley.
“Previously, we did not have the career development that we wanted to have,” added Peterson. “Going from 300 to 3,000 people, some of the great associates that have been with us for years will have more opportunities to grow their careers with us.”
“When you come into cities and markets where you have no presence, you need to make an A-plus move no matter what that is,” said Burkhart. “Part of that is making sure you have great partners, and you can build a great organization around your core values. Carter has a great organization around brokerage, tenant representation and capital markets, and that gives us the chance to build a great business and stronger services in Atlanta, the Southeast, and throughout the U.S.”
— Dan Marcec