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Cushman & Wakefield To Acquire Burnham Real Estate
18 Dec, 2007, San Diego, CA
Premier Southern California firm to join global platform of the world’s largest privately held commercial real estate services company
Cushman & Wakefield, the world’s largest privately held commercial real estate services firm, today announced it has reached an agreement to acquire Burnham Real Estate, which has operated as San Diego’s largest, independent commercial real estate services firm for 116 years.
The agreement, scheduled to close in January, is expected to position Cushman & Wakefield as the leading commercial real estate firm in San Diego and to further strengthen the firm’s expansive Southern California operations. For Burnham, which is headquartered in San Diego, the move provides its professionals direct access to a premier, full-service platform of 215 offices in 56 countries. Terms of the agreement were not disclosed.
“Burnham is the industry prototype for the premier regional firm,” said Bruce Mosler, president and chief executive officer of Cushman & Wakefield. “Our clients expect the best representation everywhere they conduct business, and its strategic acquisitions of firms like Burnham that have helped Cushman & Wakefield to expand its reputation for excellence locally and globally.”
Burnham Real Estate, founded in 1891, has grown to become one of the region’s largest and most diversified full-service real estate companies with 250 professionals and employees operating from three offices in San Diego County, one in South Riverside County/Temecula, and one in Las Vegas, Nev. Services include traditional brokerage, corporate services, asset services, capital markets, advisory services, strategic corporate consulting and project management. The company’s total estimated 2007 brokerage and finance transaction volume is $3 billion.
“The combination of Burnham’s Southern California expertise with Cushman & Wakefield’s global reach will provide enhanced best of class services in the region to clients of both firms,” said Tony Marano, Cushman & Wakefield’s chief executive officer for the Americas. “We both have strong cultures, we value our traditions of integrity and excellence and our professionals share a client-first philosophy – all of which make this a powerful combination of talent in the region.”
Burnham Real Estate President and CEO Stath Karras said that becoming part of the respected Cushman & Wakefield brand is a tremendous opportunity for Burnham clients, professionals and employees.
“Cushman & Wakefield is a natural fit for us given the similar corporate cultures and shared core values,” said Karras. “This move will provide our clients with an even higher level of service and direct access to opportunities in other markets while still enjoying the relationships they have formed with our professionals.
“Additionally, our professionals and employees will benefit through increased opportunity for career and personal growth through a broader range of resources and the international network of Cushman & Wakefield offices.”
Karras will serve as executive managing director of the Cushman & Wakefield San Diego operation, which after Jan. 1, 2008, will include the three former Burnham Real Estate offices, under the Cushman & Wakefield brand.
The addition of Burnham closely follows Cushman & Wakefield’s 2006 acquisition of San Diego Corporate Real Estate Advisors, which signified the firm’s commitment to the region. Prior to 2006, Cushman & Wakefield served clients in the region through an alliance relationship. When the transaction is complete, Cushman & Wakefield will maintain 13 full-service offices throughout California, including 10 in Southern California. In 2006, Cushman & Wakefield completed sales and leasing transactions globally valued at more than $85 billion and had record revenues of $1.5 billion.
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately held commercial real estate services firm. Founded in 1917, the firm has 215 offices in 56 countries and more than 12,000 professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants and investors through every stage of the real estate process, including buying, selling, financing, leasing and managing assets. The firm also provides valuation advice, strategic planning and research, portfolio analysis, site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, visit www.cushmanwakefield.com.
About Burnham Real EstateBurnham Real Estate is one of Southern California’s oldest, largest and most diversified real estate firms. Since its founding in 1891, the company has led the industry with a tradition of excellence, integrity and innovation in each market it serves. Burnham’s trademark entrepreneurial sprit is reflected through its people, superior technology and creative, solution-driven philosophy. Company services include traditional brokerage along with corporate services, asset services, capital markets, advisory services, strategic corporate consulting and project management. The Burnham web address is www.burnhamrealestate.com.