Big news out of Cushman & Wakefield Commerce. The company’s operations in Salt Lake City, Las Vegas and Seattle as well as its sister company, Cushman & Wakefield NorthMarq, based in Minnesota, have been acquired. The buyer is the global corporation, Cushman & Wakefield.
Through this acquisition, 750 employees, including 200 brokers from Utah, Nevada, Washington and Minnesota will now be formally part of one of the largest commercial real estate companies in the world. Far more than an acquisition, this agreement represents the formal merging of these regional offices with a major global powerhouse and will impact the local market in a major way by adding formal, global resources to ground floor brokers.
CHICAGO, August 15, 2017 – Cushman & Wakefield today announced it has entered into an agreement with NorthMarq Companies, a private holding company of the Pohlad family of Minneapolis, to acquire Cushman & Wakefield NorthMarq (CWN) in Minnesota and Cushman & Wakefield Commerce (CWC) operations in Nevada, Utah and Washington.
Collectively, Cushman & Wakefield NorthMarq and Cushman & Wakefield Commerce employ 750 employees and manage almost 50 million square feet of real estate across 10 offices.
“This is far more than an acquisition – this is the formal merging of a trusted partner into our company,” said Tod Lickerman, Chief Executive Americas. “This also affirms our commitment to our clients to offer them the best strategic advice and our full platform of services wherever they do business.”
Eduardo Padilla, CEO, NorthMarq Companies, added, “We believe there is a logical and compelling reason to sell our operations to Cushman & Wakefield at this time. Specifically, the industry is consolidating, with sophisticated clients needing a seamless platform irrespective of geography or service. We’re incredibly proud of this team’s achievements and excited to see them merge into Cushman & Wakefield’s operations.” NorthMarq Companies and NorthMarq Capital are not included in this acquisition.
Cushman & Wakefield also announced that the leadership teams in the four markets will remain in place.