SAN FRANCISCO-New York City-based Newmark Knight Frank andlocally based Cornish & Carey Commercial are merging theirnorthern California operations. The deal—effective Sept. 7, 2010—isthe latest move Newmark has made as it continues to grow itscompany in national and international markets, according to BarryGosin, CEO of Newmark Knight Frank, in a prepared statement.

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“A significant piece of our current growth strategy is tostrengthen our presence in regional markets,” says Gosin. “We havebeen looking for a long time for the right West Coast partner tomatch our strength in the East, and Cornish & Carey, with itsstrength in Silicon Valley and Northern California, is a perfectcompliment for us.”

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According to C&C president and CEO, Chuck Seufferlein,“Through the decades, Cornish & Carey’s mission of innovatingto meet and surpass the needs of our clients has remained its focalpoint. With this partnership, our ability to deliver on thatmission will be enhanced significantly as we can now provide anexpanded platform and consistent level of service globally whilecontinuing to provide superior market expertise and clientsolutions regionally.” Cornish & Carey will no longer beaffiliated with ONCOR International.

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Seufferlein tells GlobeSt.com that the company has consideredmany other firms over the years, and has “had multiple offers andhave had multiple offers for this but we chose Newmark Knight Frankbecause of their strong presence in New York, London and Hong Kongas well as their plan for expansion and growth here in theUS.”
Calling this “an opportune time” to take the next step, Gosin termsthe partnership with Cornish & Carey Commercial “an importanttactical decision.” According to Gosin, Newmark’s climb to whereits position is now began with its transformation from a regionalto a national firm in 2001, later fortified with its union withLondon-based Knight Frank in 2006. Combined transaction value hasgrown from $5.8 billion to more than $40 billion worldwide over thelast 10 years.

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And in recent years, according to a prepared statement, the firmfocused on investing internally, growing infrastructure andresources—from research, to financial modeling, to technology—while recruiting top talent. “With little debt, Newmark KnightFrank waited out the ‘hyper’ growth period of most of itscompetitors,” says Gosin.

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“Merging our San Francisco operations, including SiliconValley, significantly strengthens our capabilities in the financialand technology sectors for our global clients,” says Newmark KnightFrank president James Kuhn, “due to the synergistic nature ofmarkets like New York, San Francisco, Hong Kong and London.”

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Kuhn points out that, “The distressed markets necessitatenational coverage and as we see the ownership of the specialservicers change, it is absolutely essential to have stronginvestment sales presence on both coasts. All Newmark KnightFrank’s clients will stand to benefit greatly from the addition ofsuch top talent and resources.” Newmark Knight Frank says themerges is “an opportunity to achieve its objectives,” in a preparedstatement. The company plans to significantly increase its platformover the next 12 to 24 months.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.