BGC Partners, Inc. announced this week that it had entered into an agreement to acquire Cornish & Carey Commercial, one of the last regional independent real estate firms and a major player in Northern California commercial real estate. Cornish has been an affiliate of Newmark Grubb Knight Frank (NGKF), the real estate firm under BGC Partners acquired in 2011, since 2010, and will now join the company operating in Northern California as Newmark Cornish & Carey. Financial terms of the transaction were not disclosed, but Cornish's leadership — including all of its partners — will remain on board for the foreseeable future, according to a Sacramento Business Journal article.
"Our partnership with Cornish & Carey has been tremendously successful. We now have an even greater ability to provide clients in the important Northern California marketplace the complete array of NGKF's services including site selection, leasing advisory, facilities management, property management, project management, investment sales, global corporate services, and valuation among others," said NGKF CEO Barry Gosin in a statement. "A primary driver of NGKF's growth is acquiring spectacular talent in key markets. Cornish & Carey's commitment to serving clients, and its culture and performance, align perfectly with NGKF's client-centric service and growth model."
Formed in 1935 in Palo Alto, CA, Cornish & Carey employs more than 275 brokers and generated $135 million in revenue in 2012, according to a CoStar report. The two firms have operated under a business referral agreement since 2010. Cornish & Carey has offices in Emeryville, Hayward, Marin, Palo Alto, Pleasanton, Roseville, Sacramento, San Francisco, San Mateo, Santa Clara, Santa Rosa and Walnut Creek.
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