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Salt Lake City – Cushman & Wakefield/NorthMarq (CWN), through its holding company NorthMarq Companies, acquired Commerce Real Estate Solutions, an independently owned and operated Cushman & Wakefield Alliance firm based in Salt Lake City. Together CWN and Commerce employ nearly 750 employees, have annual revenues of more than $100 million, and manage more than 50 million square feet of commercial real estate assets.
The acquisition closed Dec. 31, 2013. Terms of the private transaction will not be disclosed.
“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 of 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 include lease administration, financial management, project management and property management.
The firm manages 7 million square feet, 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.
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.
“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 of 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.