BLOOMINGTON, MN-NorthMarq has agreed to absorb the local Cushman & Wakefield office, in return for Cushman joining the ownership of NorthMarq’s Real Estate Services division. The new firm, Cushman & Wakefield/NorthMarq Real Estate Services, will be based out of the current NorthMarq offices here.
Jeff Eaton, president of NorthMarq Real Estate Services, tells GlobeSt.com that he will remain in his position. Clinton Miller, the founder of the former Northstar Partners office that joined Cushman, will become an executive in the new joint venture firm. “We are making offers to all of their (Cushman) employees today,” Eaton says. “We expect to hire all 61 employees.”
He says the merger will allow NorthMarq to gain global access with deals through Cushman, which will have a seat on a new board formed to oversee the joint venture. NorthMarq is contributing the most to the JV, and will have the majority seats on the board, Eaton says.
NorthMarq can trace its roots to 1916 when the Hamm family, founders and owners of the Theodore Hamm Brewing Co., formed United Properties Inc. as part of a plan to reorganize the brewing company and acquire property. The Pohlad family took over the firm, and related companies, in 1998, and operates NorthMarq under the umbrella firm Marquette Real Estate Group.
NorthMarq Capital, a sister firm that provides debt/equity and loan services throughout the country, will not be a part of the Cushman venture. The new venture includes all services of NorthMarq Real Services, which includes brokerage, investment sales, property management, facility management, lease administration, and project management.
Jim Underhill, CEO of the Americas for Cushman, tells GlobeSt.com that the merger gains his firm exposure that would have taken years to achieve. “They have the number one position in the marketplace, and it would have taken us a long road to achieve that position ourselves,” Underhill says. “We want to integrate our platform and grow with them.”
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