SAN FRANCISCO-New York City-based Newmark Knight Frank and locally based Cornish & Carey Commercial are merging their northern California operations. The deal—effective Sept. 7, 2010—is the latest move Newmark has made as it continues to grow its company in national and international markets, according to Barry Gosin, CEO of Newmark Knight Frank, in a prepared statement.
“A significant piece of our current growth strategy is to strengthen our presence in regional markets,” says Gosin. “We have been looking for a long time for the right West Coast partner to match our strength in the East, and Cornish & Carey, with its strength in Silicon Valley and Northern California, is a perfect compliment for us.”
According to C&C president and CEO, Chuck Seufferlein, “Through the decades, Cornish & Carey’s mission of innovating to meet and surpass the needs of our clients has remained its focal point. With this partnership, our ability to deliver on that mission will be enhanced significantly as we can now provide an expanded platform and consistent level of service globally while continuing to provide superior market expertise and client solutions regionally.” Cornish & Carey will no longer be affiliated with ONCOR International.
Seufferlein tells GlobeSt.com that the company has considered many other firms over the years, and has “had multiple offers and have had multiple offers for this but we chose Newmark Knight Frank because of their strong presence in New York, London and Hong Kong as well as their plan for expansion and growth here in the US.”
Calling this “an opportune time” to take the next step, Gosin terms the partnership with Cornish & Carey Commercial “an important tactical decision.” According to Gosin, Newmark’s climb to where its position is now began with its transformation from a regional to a national firm in 2001, later fortified with its union with London-based Knight Frank in 2006. Combined transaction value has grown from $5.8 billion to more than $40 billion worldwide over the last 10 years.
And in recent years, according to a prepared statement, the firm focused on investing internally, growing infrastructure and resources—from research, to financial modeling, to technology— while recruiting top talent. “With little debt, Newmark Knight Frank waited out the ‘hyper’ growth period of most of its competitors,” says Gosin.
“Merging our San Francisco operations, including Silicon Valley, significantly strengthens our capabilities in the financial and technology sectors for our global clients,” says Newmark Knight Frank president James Kuhn, “due to the synergistic nature of markets like New York, San Francisco, Hong Kong and London.”
Kuhn points out that, “The distressed markets necessitate national coverage and as we see the ownership of the special servicers change, it is absolutely essential to have strong investment sales presence on both coasts. All Newmark Knight Frank’s clients will stand to benefit greatly from the addition of such top talent and resources.” Newmark Knight Frank says the merges is “an opportunity to achieve its objectives,” in a prepared statement. The company plans to significantly increase its platform over the next 12 to 24 months.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
