Leading estate agents DTZ Sherry FitzGerald and Lisney have not yet indicated how they will be affected by the decision of Cushman & Wakefield and DTZ to merge and become one of the largest global real estate service companies.
The new international company, which will operate under the Cushman & Wakefield brand, will have revenues of more than $5.5 billion, 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients.
DTZ holds a 20 per cent equity stake in Sherry FitzGerald’s commercial property business and will be anxious to retain that relationship which has also proven exceptionally valuable to the Dublin company headed by Mark FitzGerald.
Cushman & Wakefield does not hold a financial stake in Lisney’s commercial business and seldom figures in Irish property transactions.
Cushman is nevertheless availing of Lisney’s expertise to help it sell a €1 billion Arrow granulated loan property portfolio for Nama.
Most of Dublin’s commercial property agencies have links with international real estate companies because of their local expertise and deep customer knowledge of the local markets. Most inquiries from overseas companies looking for offices or retail outlets in Ireland end up being handled by Dublin-based estate agents.
