LARKSPUR and SANTA ROSA -- Santa Clara-based Cornish & Carey Commercial today said it will merge its 13 real estate brokerage offices, including two new ones in the North Bay, next month with Newmark Knight Frank, a New York-based commercial real estate brokerage and advisory.
As of Sept. 7, Cornish & Carey Commercial's offices will be known as Cornish & Carey Commercial Newmark Knight Frank and will end its affiliation with the Oncor International network of commercial real estate brokerages, according to Cornish & Carey Chief Executive Officer Chuck Seufferlein.
"It's a much bigger platform for us," he said.
Cornish & Carey agents have had access to market information and referrals through the Oncor International brokerage network. However, Santa Rosa-based Keegan & Coppin is the Oncor affiliate in Sonoma, Napa and Marin counties.
Cornish & Carey picked Newmark Knight Frank because of its significant presence in New York City and European markets, according to Mr. Seufferlein.
"Cornish & Carey has become a superregional company," he said. "The problem is, the world is a global environment, and our clients need us to serve them in other marketplaces. And when we can't, we can lose the business to others."
Newmark Knight Frank (www.newmarkkf.com) has more than 200 offices worldwide, including Northern California locations in San Francisco, San Mateo and San Jose. Those local offices would be closed, and "superregional" Cornish & Carey would expand elsewhere in the West Coast, such as Southern California, according to Mr. Seufferlein.
Founded in 1929, Newmark & Company Real Estate in 2006 partnered with London-based Knight Frank. The venture is one of the largest independent commercial real estate companies. In 2009 it handled more than $32 billion in transactions and had more than $811 million in revenue.
Newmark Knight Frank offers real estate brokerage; space planning, design and construction management; property and facilities management; investment sales; and financial services.
Cornish & Carey Commercial (www.ccarey.com) started in 1935 and expanded into the North Bay in March, when it opened offices in Santa Rosa and Larkspur. It has 285 agents and 350 total employees. Transaction volume last year, during the extremely difficult period for deals, was $1.8 billion, compared to typical $3 billion in annual transactions, according to Mr. Seufferlein.
The firm has corporate real estate (C&C Corporate Solutions), asset management (C&C Asset Advisors) and finance (C&C Capital) divisions.
Though Newmark Knight Frank offers property management, Cornish & Carey Commercial will continue its recently inked joint venture with Southern California-based RiverRock Property Management to offer such services in Northern California.
Cornish & Carey management will remain in place after the deal closes, according to Mr. Seufferlein.