[IMGCAP(1)]NEW YORK CITY-Locally based Cushman & Wakefield Inc. has reached an agreement to acquire San Diego-based Burnham Real Estate. The agreement, scheduled to close in January, is expected to position Cushman & Wakefield as the leading commercial real estate firm in San Diego and to further strengthen the firm’s Southern California operations, according to the company.

For Burnham, the move provides its professionals direct access to a premier, full-service platform of 215 offices in 56 countries. A spokesperson from Cushman & Wakefield tells GlobeSt.com that no further terms of the agreement can be disclosed at this time. Burnham also could not confirm terms of the transaction.

[IMGCAP(2)]“Burnham is the industry prototype for the premier regional firm,” says Bruce Mosler, president and CEO of Cushman & Wakefield in a prepared statement. “Our clients expect the best representation everywhere they conduct business, and its strategic acquisitions of firms like Burnham that have helped Cushman & Wakefield to expand its reputation for excellence locally and globally.”

Burnham Real Estate was founded in 1891 and has 250 professionals and employees operating from three offices in San Diego County, one in South Riverside County/Temecula and one in Las Vegas. The company’s total estimated 2007 brokerage and finance transaction volume is $3 billion. Burnham Real Estate president and CEO Stath Karras says that becoming part of the respected Cushman & Wakefield brand is a tremendous opportunity for Burnham clients, professionals and employees. Karras will serve as executive managing director of the Cushman & Wakefield San Diego operation, which after Jan. 1, 2008, will include the three former Burnham Real Estate offices, under the Cushman & Wakefield brand.

Karras explains that all offices will remain open under the Cushman & Wakefield brand. “There will be little change to the ‘look’ of our operation in San Diego–with the exception that our talented team of brokers has grown with the addition of the Cushman & Wakefield team of professionals,” Karras explains to GlobeSt.com.

Karras notes that Cushman & Wakefield is a natural fit for Burnham given the similar corporate cultures and shared core values. “This move will provide our clients with an even higher level of service and direct access to opportunities in other markets while still enjoying the relationships they have formed with our professionals. Additionally, our professionals and employees will benefit through increased opportunity for career and personal growth through a broader range of resources and the international network of Cushman & Wakefield offices.”

“The combination of Burnham’s Southern California expertise with Cushman & Wakefield’s global reach will provide enhanced best of class services in the region to clients of both firms,” notes Tony Marano, Cushman & Wakefield’s CEO for the Americas in a prepared statement. “We both have strong cultures, we value our traditions of integrity and excellence and our professionals share a client-first philosophy–all of which make this a powerful combination of talent in the region.”

The addition of Burnham closely follows Cushman & Wakefield’s 2006 acquisition of San Diego Corporate Real Estate Advisors, which signified the firm’s commitment to the region. Prior to 2006, Cushman & Wakefield served clients in the region through an alliance relationship. When the transaction is complete, Cushman & Wakefield will maintain 13 full-service offices throughout California, including 10 in Southern California. In 2006, Cushman & Wakefield completed sales and leasing transactions globally valued at more than $85 billion and had record revenues of $1.5 billion.

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