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NGKF Acquires Cornish & Carey

NEW YORK CITY-"Value creation for our clients is paramount and absolutely a driving factor in thisannouncement," Cornish & Carey Commercial president and CEO Chuck Seufferlein tells GlobeSt.com''s Rayna Katz exclusively in this UPDATE.

By Rayna Katz | Updated on January 21, 2014

NEW YORK CITY-Newmark Grubb Knight Frank, part of BGC Partners, has announced BGC’s agreement to acquire Cornish & Carey Commercial. Based in Northern California, Cornish brought in approximately $135 million in revenues in 2012 and boasts over 275 brokers. Financial details of the transaction were not disclosed. The transaction is expected to be completed by the middle of 2014.BGC expects the transaction will be immediately accretive upon closing.

Cornish & Carey is no stranger to NGKF: the two firms struck up a partnership in 2010; and in fact, the full name of the firm’s offices are Cornish & Carey Commercial Newmark Knight Frank. The move “significantly bolstered [Cornish & Carey's] position in the market,” according to the announcement. However, the firm already had been the “dominant force in Northern California and Silicon Valley real estate since 1935.”

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