Such consolidation, Maloney tells GlobeSt.com, is “driven almost entirely by clients. They're looking for the full suite of real estate services in all the markets where they're owners.”

Collectively, CWN and CWC manage nearly 50 million square feet of real estate across 10 offices, employing about 200 brokers and 750 personnel overall. Cushman & Wakefield says the leadership teams in the four markets covered by the two firms will remain in place post-acquisition.

CHICAGO—Cushman & Wakefield on Tuesday announced significant acquisitions on both sides of the US/Canada border. The firm has acquired Toronto-based 20 VIC Management Inc., greatly bolstering Cushman & Wakefield's capabilities in Canada, while stateside it has entered into an agreement with NorthMarq Cos., a private holding company of the Pohlad family of Minneapolis, to acquire Cushman & Wakefield NorthMarq (CWN) in Minnesota and Cushman & Wakefield Commerce (CWC) operations in Nevada, Utah and Washington.

“20 VIC is the foundation for our asset services platform in Canada,” Marla Maloney, president of Cushman & Wakefield Americas Asset Services, tells GlobeSt.com. “The merger really increases our tool set for our client offering, specifically our investor clients.”

With a client base that includes pension funds, private equity firms and high net worth investors, 20 VIC currently manages over 21 million square feet of space across “a mix of urban developments, power centers and regional shopping centers,” Maloney says. The Canadian firm's co-founders, George Buckles and Randy Scharf, will join Cushman & Wakefield as executive managing directors, asset services. “They've built an extraordinary client base and client loyalty,” she says.

The CWN and CWC acquisitions are occurring, says CEO Eduardo Padilla of NorthMarq Cos., because “We believe there is a logical and compelling reason to sell our operations to Cushman & Wakefield at this time. Specifically, the industry is consolidating, with sophisticated clients needing a seamless platform irrespective of geography or service. We're incredibly proud of this team's achievements and excited to see them merge into Cushman & Wakefield's operations.” The deal does not include NorthMarq Cos. or NorthMarq Capital.

Such consolidation, Maloney tells GlobeSt.com, is “driven almost entirely by clients. They're looking for the full suite of real estate services in all the markets where they're owners.”

Collectively, CWN and CWC manage nearly 50 million square feet of real estate across 10 offices, employing about 200 brokers and 750 personnel overall. Cushman & Wakefield says the leadership teams in the four markets covered by the two firms will remain in place post-acquisition.