Cushman & Wakefield and DTZ have officially merged.

The joining of the two commercial real estate services firms creates the third-largest property brokerage in the world, following CBRE and JLL. TPG made the purchase, in partnership with Hong Kong investment group Pacific Alliance and Ontario Teachers’ Pension Plan. Cushman was sold by Italy-based holding company Exor. The acquisition is valued at $2 billion.

The new company will be referred to as Cushman & Wakefield, except in China, where DTZ has a large brokerage market share. In that country, it will be known as DTZ/Cushman & Wakefield.

The merger follows several big consolidation deals in the commercial real estate services sector.