Commercial real estate services firm DTZ is buying Cushman & Wakefield for $2 billion, according to a Wall Street Journal report.

Combined, the firm will have more than $5 billion in annual revenue, the  Journal reported. The combined firm will keep the Cushman & Wakefield name and will have more than 250 offices in 50 different countries, including its Phoenix office. The firm will also create a real competitor for CBRE and JLL, the two commercial real estate services firms that have been dominating the field.

CBRE has $9 billion in annual revenue and JLL has $5.4 billion, according to the Journal.

Stay tuned to AZRE for more information as it develops.