Cushman & Wakefield announced it has entered into an agreement with NorthMarq Companies, a private holding company of the Pohlad family of Minneapolis, to acquire Cushman & Wakefield NorthMarq in Minnesota and Cushman & Wakefield Commerce operations in Nevada, Utah and Washington.
Collectively, Cushman & Wakefield NorthMarq and Cushman & Wakefield Commerce employ 750 employees and manage almost 50 million square feet of real estate across 10 offices.
“This is far more than an acquisition – this is the formal merging of a trusted partner into our company,” said Tod Lickerman, Chief Executive Americas. “This also affirms our commitment to our clients to offer them the best strategic advice and our full platform of services wherever they do business.”
Eduardo Padilla, CEO, NorthMarq Companies, added, “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. We’re incredibly proud of this team’s achievements and excited to see them merge into Cushman & Wakefield’s operations.” NorthMarq Companies and NorthMarq Capital are not included in this acquisition.
Cushman & Wakefield also announced that the leadership teams in the four markets will remain in place.
“The teams are a great complement to Cushman & Wakefield’s strong capabilities in the U.S., and we’re thrilled that the leadership team will remain in place and will continue their outstanding client service,” said Shawn Mobley, President of Cushman & Wakefield’s East Region. “I’m also excited that Jeff Eaton will expand his role to lead our North Central Region, with oversight of Chicago, Minneapolis, and Detroit, reporting to me.”
Mr. Eaton has been instrumental in leading the company through several organizational and structural changes becoming president of NorthMarq Real Estate Services in 2008. He led the acquisition of the property management division of Opus Corporation, which added 25 million square feet of management to the company, the creation of a joint venture operation with Cushman & Wakefield in 2011, and the 2013 acquisition of Cushman & Wakefield Commerce.
The sale of Cushman & Wakefield NorthMarq and Cushman & Wakefield Commerce is expected to close shortly, subject to customary closing conditions.