Cushman & Wakefield | NorthMarq Acquires Commerce Real Estate Solutions, C&W Alliance Firm Operating in Utah, Nevada, Washington and Idaho
MINNEAPOLIS (Jan. 3, 2014) Cushman & Wakefield/NorthMarq (CWN), through its holding company NorthMarq Companies, has acquired Commerce Real Estate Solutions, an independently owned and operated Cushman & Wakefield Alliance firm based in Salt Lake City, Utah. Together CWN and Commerce employ nearly 750 employees, have annual revenues of more than $100 million, and manage more than 50 million sq. ft. of commercial real estate assets. The acquisition closed Dec. 31, 2013. Terms of the private transaction will not be disclosed.
The firms will begin to leverage the combined service platform in early 2014. “This new relationship makes both firms stronger. We will broaden the capabilities we offer clients, leverage best practices from both companies, and provide expanded opportunities for our employees,” said Jeff Eaton, president-CWN. “In addition, because both of our firms are part of the Cushman & Wakefield global organization, we are already well-aligned operationally.”
Commerce, which has offices in Utah, Nevada, Washington and Idaho, includes 250 employees, 160 of whom are licensed brokerage professionals. The firm has offices in Salt Lake City, Ogden, Park City, Provo, and St. George, Utah; Las Vegas and Reno, Nev.; Seattle and Bellevue, Wash.; and Boise, Idaho. Commerce Real Estate Solutions offers comprehensive brokerage and advisory services for landlords and tenants.
In addition, the firm offers asset services, which includes lease administration, financial management, project management and property management. The firm manages 7 million sq. ft. primarily in Salt Lake City. Established in 1979, Commerce is the largest independently owned and operated commercial real estate firm in the Intermountain West. Clients include UBS Realty Advisors; Rockefeller Development Corporation; the University of Washington; Prudential; Qwest/CenturyLink; and Walmart.
Cushman & Wakefield/NorthMarq, a joint venture between NorthMarq Companies and global real estate services firm Cushman & Wakefield, offers a broad platform of commercial real estate services including leasing/sales, property management, lease administration, project management, transaction management and facility management.
CWN manages and leases 45 million sq. ft. of assets. Investor clients include TA Associates, KBS Investors, James Campbell Company and Travelers; corporate clients include Polaris, Caribou Coffee, General Mills, and Securian Insurance. The firm, founded in 1916, has 500 employees and is ranked as the largest firm in the Minneapolis/St. Paul market for brokerage and property management services.
Commerce will be able to leverage the CWN service capabilities in the four-state area, allowing both companies to offer more services to more clients. While the firms will coordinate business development efforts and best practices, each firm will maintain independent operations and brands in their respective markets and within the global C&W platform. CWN operates primarily in Minnesota, while Commerce will continue to operate as an independently owned firm in the Cushman & Wakefield Alliance program in Utah, Nevada, Washington and Idaho.
“We are excited about the opportunities to grow our business through this new partnership. The combined platform and service offerings through CWN will help our professionals better serve their clients in this ever-changing market. This is a great fit for us, as both firms share similar cultural values to provide great support to employees, offer exceptional service to clients and serve our respective local communities,” said Mike Lawson, president-Commerce Real Estate Solutions.
Lawson and Commerce executives Bill D’Evelyn and Rodney Gibson will join a newly formed executive committee that will manage both companies. That committee, led by Jeff Eaton, will also include Mike Ohmes, Lisa Dongoske and Clint Miller from CWN.
Holding company NorthMarq Companies (previously known as Marquette Real Estate Group), which also includes RJM Construction and NorthMarq Capital, is owned by The Pohlad Companies, a privately held firm that employs nearly 2,500 and is comprised of more than 30 businesses in automotive, finance/banking, entertainment with ownership of the Minnesota Twins, a Major League Baseball team, commercial real estate and other investments.
About Cushman & Wakefield/NorthMarq
Cushman & Wakefield/NorthMarq manages more than 42 million sq. ft. of retail, industrial and office assets, completes more than $1 billion in transactions annually and employs more than 450 professionals. Through its partnership with Cushman & Wakefield, the company provides innovative solutions to its occupier and investor clients within the Minneapolis/St. Paul region and around the world, offering Transaction Services; Capital Markets Services, Occupier and Investor Services and Real Estate Advisory. A recognized leader in real estate research, the firm publishes a broad array of proprietary reports available at www.cushwakenm.com.
About Cushman & Wakefield | Commerce
Cushman & Wakefield | Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more, visit www.comre.com.