NEW YORK CITY—GlobeSt.com is hearing—and numerous sources arereporting—that TPG Capital is in negotiations to buy CassidyTurley. No financial information was available at press time.

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Rumors about Cassidy being up for sale have circulated for sometime. Cassidy Turley representatives declined to respond torequests for comment from GlobeSt.com by press time, while TPG didnot respond to those requests.

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A merger between the two firms would give both entities globalreach. In a partnership with a group of institutional investors,TPG acquired DTZ, a property services firm and brokerage focused onEurope and Asia, for $1.2 billion earlier this summer.

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When TPG Capital announced the deal to buy DTZ, it disclosedthat it was hiring Brett White, the former chief executive of CBRE,to oversee the firm, according to Crain's New YorkBusiness. The acquisition of real estate companies to build amassive firm with a variety of service lines and geographicpenetration, in order to land assignments for global companies, wasWhite's modus operandi for building CBRE in the early 2000s.

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However, some reports also note that TPG's financial health maybe too weak for acquisitions. The firm is reportedly wooinginvestors by offering discounts on management fees as high as 25%off.

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Brokerage firms seem to be merging regularly in order to expandtheir geographic reach. Savills and Studley came together earlier this year and back in2011, BGCPartners purchased Newmark Knight Frank and combined it with Grubb& Ellis.

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New York State's Tenant Protection Unit has served a subpoena onMarolda Properties as part of an investigation into allegations oftenant harassment in Lower Manhattan. The broad-based subpoenaexamines the patterns and practices of Marolda; accusations oftenant harassment and allegations of trying to exploitAsian-American tenants by forcing them out of their rent-regulatedapartments.

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“No New Yorker should be forced to live in fear of harassment bytheir landlord, and today we are taking an action that will helpprotect thousands of New Yorkers from this kind of abuse,” saysGovernor Cuomo. “This case is especially egregious because itappears this landlord preys on many tenants who are elderly andwhose primary language is not English – which will not be toleratedin New York State.”

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Marolda is a large New York City landlord which owns and managesover 70 buildings with approximately 1,700 apartments throughoutthe five boroughs and Westchester County. The company has ownedproperties in New York City for several decades and recentlyexpanded its holdings, purchasing a large number of buildings inChinatown and throughout the Lower East Side. According to tenants'accounts, Marolda has engaged in a pattern of unlawful and abusivebehavior to drive tenants out of their homes, including: denyingbasic services, refusing to renew leases as required by the state'srent laws, bringing groundless eviction proceedings, and pressuringtenants to accept low buyout offers.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.