Cushman & Wakefield recently approached the firm to be acquired, after three-and-a-half years of an alliance relationship. Cushman wanted to bring the Baltimore brokerage firm under its roof because sales between its DC-based regional office and MacKenzie's Maryland territory were overlapping. MacKenzie completed more than 700 transactions in 2005 and in 2006, a company spokeswoman tells GlobeSt.com. MacKenzie ultimately declined to be acquired by the firm.
Now, the former alliance partners will become competitors after Cushman opens a Baltimore office, possibly as soon as the end of the month.
"We understand Cushman & Wakefield's strategic plan to have a company-owned office to serve the Baltimore region," Gary Gill, president and CEO of MacKenzie, says in a statement. "We have enjoyed our alliance relationship with Cushman immensely but, at this point in time, staying independent is best for our people and our clients." Cushman could not respond in time for deadline.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
