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New York, NY (01/21/2014)
11:00 AM
Newmark, one of the largest commercial real estate service businesses in the U.S., and part of BGC Partners, Inc. (NASDAQ: BGCP) (“BGC Partners” or “BGC”), announced today BGC’s agreement to acquire Cornish & Carey Commercial (“Cornish & Carey”). With approximately $135 million in revenues in 2012 and over 275 brokers, Cornish & Carey is Northern California’s preeminent full-service commercial real estate company. Financial details of the transaction were not disclosed. BGC expects the transaction will be immediately accretive upon closing. The transaction is expected to be completed by the middle of 2014.
Cornish & Carey has been the dominant force in Northern California and Silicon Valley real estate since 1935, and significantly bolstered its position in the market when it partnered with NGKF in 2010.
Newmark CEO Barry M. Gosin said, “Our partnership with Cornish & Carey has been tremendously successful. We now have an even greater ability to provide clients in the important Northern California marketplace the complete array of Newmark’s services including site selection, leasing advisory, facilities management, property management, project management, investment sales, global corporate services, and valuation among others. A primary driver of Newmark’s growth is acquiring spectacular talent in key markets. Cornish & Carey’s commitment to serving clients, and its culture and performance, align perfectly with Newmark’s client-centric service and growth model.”
Cornish & Carey Commercial President and CEO Chuck Seufferlein, one of the most respected figures in California’s commercial real estate industry, has been named President of NGKF’s Western Region. Scott Carey, carrying on the firm’s family name, remains Chairman and General Counsel.
Mr. Seufferlein said, “Cornish & Carey is a trusted name among decision makers in technology, life sciences, finance and other sectors in Northern California and Silicon Valley. As Newmark Cornish & Carey, our clients will benefit enormously from the exceptional breadth of services that NGKF offers globally.”
“This is an exciting time for our firm, our clients and our brokers,” Mr. Seufferlein added. “Cornish & Carey originally partnered with Newmark because we recognized the value in joining forces with a firm that has built both a dominant New York presence and extensive international reach. Our successful partnership with Newmark, BGC’s strong balance sheet, and BGC’s and Newmark’s outstanding relationships with top-tier corporations and financial institutions, are compelling reasons to join together. The resources to invest and grow, along with the unparalleled expertise and opportunity that exists across Newmark, BGC and its affiliated businesses, are unrivaled in the industry.”
Mr. Gosin added, “Coupled with Newmark’s strong Southern California presence, this union solidifies our ability to offer an unequaled scope of services throughout the state and underscores our commitment to providing exceptional resources to the commercial real estate market coast to coast.”
Newmark Cornish & Carey offices are located in Emeryville, Hayward, Marin, Palo Alto, Pleasanton, Roseville, Sacramento, San Francisco, San Mateo, Santa Clara, Santa Rosa and Walnut Creek. Its full range of services includes tenant and landlord representation, investment sales, finance, global corporate services, and property and facilities management, complementing Newmark’s outstanding global services business and the unparalleled capital markets capabilities through BGC’s relationships with Cantor Fitzgerald and Cantor Commercial Real Estate (CCRE).
Posted on 01/21/2015 at 12:00 AM
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