Rumors Abound Over Codman Co. Sale

BOSTON-Although no official acknowledgement has been forthcoming, industry sources are claiming that one of the country’s oldest commercial real estate firms is targeted for acquisition by Newmark Knight Frank. The Codman Co., whose roots in Boston date to the 1870s, is said to be deep in negotiations on the sale, which if completed would be an immediate boost to NKF’s foray into the Massachusetts market that began last year with the hiring of veteran broker James Thomson and launch of a local office.

“That thing is definitely going to happen,” one source tells GlobeSt.com, a notion supported by several other market observers. The Codman Co. was a portal through which dozens of the region’s top commercial real estate professionals passed during their ascension into the industry, but the firm has been diminished over the past 20 years by a series of departures and ownership changes and the arrival of national players on the scene. Although longtime principal Lawrence Bianchi remains on board as chairman emeritus, most of the company’s leadership has moved on, with the latest change occurring in 2004 when owner Paul Simard was bought out and replaced by several new principals, many of whom remain on board.