Both companies came into their own in the 80s, with C&P establishing itself in 1981 and Irving developing into its present incarnation in 1985. Their decision to merge was one that both firms have mulled over for quite a while. "We were in discussions for some time," C&P director of corporate communications Cathy Fawell tells GlobeSt.com. "Both groups have been in discussions because they're independent and other groups came to them to discuss merging."

Based on last year's numbers, the combined companies were behind $1.3 billion in transactions, $100 million in construction and construction management, and oversaw the management of more than $4.5 million sf of property. "Our goal is to become the preferred provider of commercial real estate services in the Washington region, which is one of the world's most dynamic markets, and we believe this merger will enable us to achieve that goal," C&P CEO Robert Pinkard says in a statement on the deal. It appears, however, that a significant amount of jobs will be lost because of the merger. Officials say the joint entity will ultimately employ 170 real estate brokers, analysts, loan underwriters, property managers, researchers, and the like. According to its fact sheet, C&P alone currently employs 150 such workers.