DTZ is setting up a transatlantic alliance with US company Staubach.
The UK quoted consultant announced this morning that heads of terms have been agreed to set up a joint venture with the Dallas-based tenant representative company by 1 January 2000. An equity swap has not been ruled out in the future.
Mark Struckett, chief executive of DTZ Holdings, said the joint venture company would service real estate clients with global needs. DTZs two Asian partners, CY Leung and Edmund Tie, will also be part of the new company, which is to be known as DTZ Staubach Tie Leung. Patrick Moultrup, Staubachs international director, will be its managing director.
Both DTZ and Staubach had considered other potential partners before agreeing to go forward together. Staubach talked to Knight Frank, FPDSavills and Weatherall Green & Smith, with which it used to have an association.
Staubach is headed and majority-owned by former Dallas Cowboys football star Roger Staubach. The company is not as big as many of its US rivals but has been growing rapidly in North America on the back of its strategy of acting only for tenants and now has 700 staff. It has offices in 19 US cities, and has also opened in Canada and Mexico.
In June, DTZ formed another joint venture company with US fund manager AEW. Struckett said: “By forming a joint venture with the Staubach Co today and with AEW earlier in the year, we have succeeded in securing the very best US partners for our client base.”
