"Cushman & Wakefield is the premier real estate services firm and its access to global capital will enhance our ability to serve clients around the world," says Steven Kohn, president and principal of Sonnenblick Goldman, in a statement. The firm could not be reached for comment by deadline. "Both firms share a vision for exceptional client service, backed by premier talent. This enables a mutual trust and strong cultural fit between professionals of both firms, and we expect a smooth transition to a highly active and productive relationship."
The transaction comes in the midst of merger and acquisition deals that are shrinking the real estate industry. MacManus says C&W is actively looking to grow its business.
"We have been looking to do something, whether we organically build, buy, or both," he tells GlobeSt.com. In part the transaction can be attributed to Italy's Ifil, which took a majority interest in C&W several months ago. Ifil is interested in growing C&W, just as the company's management is, MacManus says.
To grow, Sonnenblick seemed an ideal fit. "We are very committed to building our debt and equity platform in a significant way," MacManus says. "[Sonnenblick], quiet frankly, fit the bill. "They are an old line firm, they've got lots of capable people, a great reputation, a good client base and are very sophisticated. For us it was a win-win"
The transaction is expected to complete in the early third quarter.
In 2006 Sonnenblick completed $7.5 billion in capital transactions across the world. The New York City-based company was founded in 1893 and now has major offices in San Francisco, Hong Kong, Shanghai, Sydney and Tokyo. At the beginning of April, the firm opened a Boston area office. With that opening, Sonnenblick has seven locations in the US.
This announcement comes closely on the heels of two other prominent real estate services firms in the US. On Thursday, CB Richard Ellis announced plans to make all of its operations carbon neutral by 2010 and act as a green advisor for the properties it manages across the world. On May 22, a merger between Grubb & Ellis and NNN Realty Advisors was made public.
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