The new venture, which will be called NAI Commercial Real Estate Solutions LLC, will be equally owned by the two partners. Jeffrey M. Finn, president and COO of NAI, will be the chairman and CEO of the venture. Mark Donahue, who heads CRES, will serve as vice chairman and president. The financial terms of the agreement were not disclosed.
While the two networks will remain independent, they will refer business across their shared network, according to Finn. "They will also share business planning resources, local office systems development, broker/owner training and coaching programs and technology applications including online office management and transaction management," according to Finn.
"The arrangement allows brokers from both networks to expand their capabilities and transaction volume," Finn continues. "It allows both networks and their brokers to maintain their independence, yet sharing resources to compete more effectively in their respective markets. We expect this relationship to open up new corporate and institutional business opportunities."
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