NorthMarq, Cushman & Wakefield Merge MN Operations
NorthMarq Real Estate Services and Cushman & Wakefield on Wednesday announced plans to merge their Minnesota operations.
The deal is expected to close on September 30, and the new joint venture will be called Cushman & Wakefield/NorthMarq Real Estate Services.
The merged organization will combine employees from Cushman & Wakefield's two Minnesota offices, which are in Bloomington and Minneapolis, and NorthMarq Real Estate Services in Bloomington. The combined firm will employ more than 500 people, 450 of whom are coming from NorthMarq.
The joint venture will manage more than 55 million square feet of property and employ more than 80 brokerage professionals in the region, which positions it as one of the largest of its kind in the United States, according to the merging companies.
NorthMarq Real Estate Services will be the joint venture's majority partner, and its president, Jeff Eaton, will lead the new organization.
“The creation of this joint venture supports the long-term strategic plan we launched in 2008,” Eaton said in a statement. “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.”
NorthMarq Real Estate Services is part of Marquette Real Estate Group-which is owned by the Pohlad Family of Companies. The commercial real estate services provider currently manages more than 50 million square feet of retail, industrial, and office properties and completes more than 3,000 transactions annually.
New York-based Cushman & Wakefield, which has had a Minnesota presence since 2002, operates 234 offices worldwide and employs more than 13,000 people. It claims to be the world's largest privately-held commercial real estate services firm.