Cushman & Wakefield has entered into an agreement with NorthMarq Companies to purchase Cushman & Wakefield NorthMarq in Minnesota and Cushman & Wakefield Commerce, which has operations in Nevada, Utah and Washington.
Cushman & Wakefield NorthMarq and Cushman & Wakefield Commerce employ a total of 750 employees. The two companies manage a total of almost 50 million square feet of real estate.
“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,” said Eduardo Padilla, chief executive officer of NorthMarq Companies, in a written statement.
“We’re incredibly proud of this team’s achievements, and excited to see them merge into Cushman & Wakefield’s operations,” Padilla continued.
NorthMarq Companies and NorthMarq Capital are not included in this acquisition.
The deal is scheduled to close at the end of this month.