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Codman, Newmark Confirm Merger Plan

BOSTON-The deal--news that GlobeSt.com broke yesterday-- brings Newmark 'much nearer' to being a dominant force in Massachusetts, says Barry Gosin.

By Joe Clements | Updated on January 28, 2008

BOSTON-Despite more than a week of silence from some parties and outright denials by others, the Codman Co. real estate services firm is indeed being taken over by Newmark Knight Frank, officials for both companies have confirmed. The agreement was first reported by GlobeSt.com on Monday.

“This expansion brings us much nearer to our goal of becoming a dominant force in the Massachusetts commercial real estate market,” NKF CEO Barry Gosin explains in a release acknowledging the pact that will owners of Codman will join his New York City-based firm as principals. The remaining staff will also be rolled into the Boston office, which is run by managing principal James Thomson out of One Federal St. in the Financial District.

Calls to Thomson and Codman principal Stephen Prozinski were not returned by press deadline. Prozinski had previously denied to GlobeSt.com that any such deal was underway, calling rumors of such negotiations “weird,” followed by more than a week of non-response to telephone inquiries. Prior to yesterday’s announcement, NKF had refused to discuss the matter at all, but industry sources repeatedly insisted that the firms were merging, as GlobeSt.com subsequently reported.

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