Newmark Grubb Knight Frank, part of BGC Partners, has completed its acquisition of Cornish & Carey Commercial, a Northern California-based real estate brokerage firm.
Financial details of the transaction were not disclosed. BGC expects the transaction to be immediately accretive.
NGKF chief executive Barry M Gosin says: "We are delighted to announce the completion of this acquisition, which recognises and builds upon the success of our partnership with Cornish & Carey since 2010. Cornish & Carey's unwavering commitment to its clients, impressive roster of top talent and respected reputation in Northern California and Silicon Valley make it an important addition to our firm. This acquisition solidifies NGKF's west coast presence and further reinforces our position as a dominant industry force that can offer clients the full range of commercial real estate services provided by best-in-class brokers in each discipline and market."
Chuck Seufferlein, president and CEO of Cornish & Carey Commercial, has been named president of NGKF's Western Region. As part of NGKF's senior management team Seufferlein will work closely with Gosin.
"We are delighted to join forces with industry powerhouse NGKF whose scale and depth of services represent a tremendous value opportunity for our clients," says Seufferlein. "As Newmark Cornish & Carey, we look forward to building upon our successful partnership and remain committed to providing our clients with exceptional service and a superior understanding of their real estate market needs."