SAN RAFAEL and SANTA ROSA -- Real Estate brokerage and advisory Cornish & Carey Commercial, which has offices in San Rafael, Santa Rosa and 10 other Bay Area and Sacramento locations, on Tuesday said it is set to be acquired by one of the largest commercial real estate brokerages in the nation.
New York-based Newmark Grubb Knight Frank signed a deal to acquire Santa Clara-based Cornish & Carey Commercial by the middle of this year. Financial terms weren't disclosed.
In August 2010, Cornish & Carey Commercial entered a partnership with what was then called Newmark Knight Frank. BGC Partners (Nasdaq: BGCP) acquired Grubb & Ellis from bankruptcy court in 2012, adding Grubb to the brokerage name. Cornish & Carey would be called Newmark Cornish & Carey under the deal.
[caption id="attachment_70223" align="alignleft" width="200"] Haden Ongaro[/caption]
The name on the door would change, but mostly it would be business as usual, according to Haden Ongaro, who oversees 26 agents in the North Bay offices.
"It raises the commitment level from both sides," he said. "There will be closer collaboration. We’ll have access to capital they've raised to grow."
Cornish & Carey Commercial President and Chief Executive Officer Chuck Seufferlein would become president of Newmark Grubb Knight Frank's Western Region after the acquisition. Scott Carey would remain chairman and general counsel.
[caption id="attachment_86244" align="alignright" width="300"] Chuck Seufferlein and Scott Carey[/caption]