Commercial real estate firm Cushman & Wakefield has announced that it has entered into an agreement with NorthMarq Cos., 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 in the four states.
NorthMarq Cos. and NorthMarq Capital are not included in the acquisition.
“This is far more than an acquisition. This is the formal merging of a trusted partner into our company,” said Tod Lickerman, Cushman & Wakefield’s 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 of NorthMarq Cos., said, “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.”
Trigger Reital, managing director of the CWC office in Salt Lake City, has been named Utah managing principal of the combined operation.