On Wednesday real estate investment company C-III Capital Partners LLC inked its name to an agreement approving acquisition plans for NAI Global, a global network of commercial real estate firms, potentially bringing the firm, with assets valued at nearly $150 billion, up to speed as an increasingly competitive force.
According to Business Wire, neither company disclosed the terms of the exchange. By taking on NAI Global, Capital Partners' absorbs one of the nation's top-notch brokerage firms, with NREI's Top 25 Brokerages valuing the total worth of investment sales and leasing transactions for the former at $45 billion in 2010. It also acquires over 5,000 employees and 350 offices spanning 55 countries.
Both firms praised the deal in prepared statements.
We have built the world's leading commercial real estate network, but we now believe it is time to take the enterprise to a new level and add even greater value to our members and our collective corporate and investment clients,"" said Jeffrey Finn, president and CEO of ""NAI Global ""The combination with C-III will provide a depth of resources, talent and tools from which we can draw upon to accelerate our growth├â┬ó├óÔÇÜ┬¼├é┬ª This is a natural fit and extremely exciting news for the industry.""
C-III plans to use its asset base, along with strategic acquisitions such as ""NAI, to create a fully diversified commercial real estate services company, said Andrew Farkas, ""Capital Partners' founder, noting the strategy deployed by his firm proved as successful for Insignia ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the same real estate services firm that the past Wall Street luminary made famous in 1990 before a rival swallowed it in another acquisition.
This is the latest move in a series made by Farkas and his management team to signal the furtherance of mortgage origination, investment sales, and title insurance services. In March last year, Capital Partners bought out Centerline Capital Group's real estate fund and commercial mortgage servicing operations, marking a comeback for Farkas, according to InsuranceNewsNet.com
According to its Web site, C-III Capital Partners, the parent company for C-III Asset Management LLC, continues to serve as the primary servicer for nearly $20 billion in commercial real estate loans.