NorthMarq Real Estate Services and Cushman & Wakefield create joint
venture in Minnesota
Combined firms to become region’s largest brokerage, property
and facilities management firm
MINNEAPOLIS, MINN. (Sept. 21, 2011) — NorthMarq
Real Estate Services and Cushman & Wakefield have
reached agreement to merge their operations in
Minnesota. The new joint venture, which will operate
as Cushman & Wakefield/NorthMarq Real Estate
Services, is expected to close on Sept. 30, 2011.
The new organization will combine employees from Cushman & Wakefield’s
Minnesota office and NorthMarq Real Estate Services. With more than 500
employees, Cushman & Wakefield/NorthMarq Real Estate Services will be one of
the largest firms of its kind in the U.S. The combined team will become the
region’s largest property and facility management firm, with more than 55
million sq. ft. of properties under management in the region, as well as the
region’s largest brokerage company, with more than 80 brokerage
professionals.
The joint venture will enable NorthMarq Real Estate Services to provide a
full array of strategic real estate solutions to its clients by leveraging
Cushman & Wakefield’s global platform and will provide immediate scale to
Cushman & Wakefield in Minnesota. NorthMarq Real Estate Services will be the
venture’s majority partner.
Jeff Eaton, president-NorthMarq Real Estate Services, will lead the new
venture. “The creation of this joint venture supports the long-term
strategic plan we launched in 2008,” he said. “We’ve looked at a number of
ways to grow our business and determined that partnering with a global
platform of Cushman & Wakefield’s stature was the ideal strategic fit.
“This unique shared ownership structure creates strong alignment of
interests between the companies and allows full access to corporate
resources. We are excited about the benefits this partnership allows our
employees as well as investor and corporate clients,” said Eaton.
Cushman & Wakefield, which was founded in New York in 1917 and operates
more than 230 offices worldwide, has had a presence in Minnesota since 2002
under the leadership of Clint Miller. Miller will join the newly merged
operation as a member of the senior leadership team.
“Our focus is on providing clients comprehensive, high-quality service
for the markets in which we operate,” said Jim Underhill, Cushman &
Wakefield’s CEO for the Americas. “Forging this joint venture with NorthMarq
provides us with immediate scale and scope in Minnesota. The exceptional
talent will benefit our clients and be a great fit for our firm from day
one.”
NorthMarq Real Estate Services is part of Marquette Real Estate Group,
which is owned by the Pohlad Family of Companies. Related company NorthMarq
Capital is not part of the joint venture and will continue to independently
operate its commercial mortgage banking business nationally.
About NorthMarq Real Estate Services
NorthMarq Real Estate Services offers commercial real estate services for
investors and users/occupiers of space. The Minneapolis-based company
manages more than 50 million square feet of retail, industrial and office
properties and completes more than 3,000 transactions annually. Its services
include property and facilities management, project management, lease
administration, landlord leasing, tenant representation, investment sales
and real estate advisory. Founded in 1916, the Minneapolis-based company has
450 employees and is part of privately held Marquette Real Estate Group.
About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately-held commercial real
estate services firm. Founded in 1917, it has 234 offices in 61 countries
and more than 13,000 employees. The firm represents a diverse customer base
ranging from small businesses to Fortune 500 companies. It offers a complete
range of services within five primary disciplines: Transaction Services,
Capital Markets, Corporate Occupier & Investor Services, Consulting Services
and Valuation & Advisory, along with specialized expertise in various
industry sectors. International investment firm EXOR is the firm’s majority
stakeholder. A recognized leader in global real estate research, Cushman &
Wakefield publishes a broad array of proprietary reports available on its
online Knowledge Center at
www.cushwake.com.
Contact:
Martha Nevanen, NorthMarq, 952.893.7539
Gwen Chynoweth, Maccabee Group, 612.294.3144
Brian Jensen, Cushman & Wakefield, 972.663.9624