by Dan Rafter
Like many commercial real estate firms, Minneapolis-based Cushman & Wakefield/NorthMarq expects a big 2014. And to help make sure that this happens, the company in late 2013 made a big move, acquiring Commerce Real Estate Solutions in Salt Lake City.
The acquisition, which closed Dec. 31 of last year, means that Cushman & Wakefield/NorthMarq now boasts nearly 750 employees, has annual revenues of more than $100 million and manages more than 50 million square feet of commercial real estate space.
Jeff Eaton, president of Cushman & Wakefield/NorthMarq, told Midwest Real Estate News that the acquisition is a key one for his firm.
“In previous acquisitions we have always employed the philosophy that ‘one plus one equals three’,” Eaton said. “There is tremendous excitement in both organizations.”
Eaton said that leadership teams from both Cushman & Wakefield/NorthMarq and Commerce Real Estate Solutions have already met to brainstorm new ideas.
“That raises the game for everyone when we do that,” Eaton said. “It’s energizing for people.”
Commerce Real Estate Solutions made sense for Cushman & Wakefield/NorthMarq largely because of the company’s reach. The firm has offices in Utah, Nevada, Washington and Idaho. Many of the offices are in attractive and active markets: Salt Lake City, Las Vegas, Reno, Seattle and Boise.
“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. The committee, which Eaton will lead, also includes Cushman & Wakefield/NorthMarq executives Mike Ohmes, Lisa Dongoske and Clint Miller.