Already a big player in real estate, Cushman & Wakefield/NorthMarq just got bigger.
The Bloomington-based firm said Friday that its holding company, NorthMarq Cos., acquired Commerce Real Estate Solutions of Salt Lake City for an undisclosed price. The deal closed on Tuesday.
Together the two firms will employ nearly 750 people, have more than $100 million in annual revenue, and manage more than 50 million square feet of commercial real estate assets.
"This is really very significant for us," said Jeff Eaton, president of Cushman & Wakefield/NorthMarq, in an interview Friday.
Commerce has offices in Utah, Nevada, Washington and Idaho, and it employs 250 people, 160 of whom are licensed brokerage professionals.
"We are very strong in the Upper Midwest, and this gives us a growth opportunity in the West that is very attractive," Eaton said.
Established in 1979 and independently owned, Commerce offers clients asset services, such as lease administration, as well as financial, project and property management services. Clients include UBS Realty Advisors, Rockefeller Development Corp., the University of Washington, Prudential, Qwest/CenturyLink and Wal-Mart.
"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 of Commerce, in a statement.
Cushman & Wakefield has 500 employees, manages and leases 45 million square feet of assets, and completes more than $1 billion in transactions annually. With investor clients, TA Associates, KBS Investors, James Campbell Co. and Travelers, and corporate clients Polaris, Caribou Coffee, General Mills and Securian Insurance, it is ranked as the largest firm in the Twin Cities market for brokerage and property-management services.
Holding company NorthMarq Cos., which also includes RJM Construction and NorthMarq Capital, is owned by the Pohlad Cos.
The privately held Pohlad Cos. comprise 30 different businesses, including the Minnesota Twins.