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NAI Global, the largest network of independent commercial real estate firms worldwide, announced today that its previously reported acquisition by C-III Capital Partners LLC (C-III) has been completed. The transaction will help create a leading fully integrated commercial property services company that will operate in markets around the world.
C-III is a leading commercial real estate services company engaged in a broad range of activities,including primary and special loan servicing, loan origination, fund management, CDO management,principal investment, title services and multifamily property management. C-III is led by CEO Andrew L.Farkas, who founded and was Chairman and CEO of Insignia Financial Group, Inc. (NYSE:IFS). Itsprincipal place of business is located in Irving, TX, and it has additional offices in New York, New York;Greenville, South Carolina; McLean, Virginia; Chicago, Illinois; Dallas, Texas and Nashville, Tennessee.
NAI Global will continue to operate as a separate company under its current management. C-III willaccelerate NAI Global’s growth by exploring business development opportunities in strategic locations,including New York, London, Singapore and other primary global business centers. It will also invest in the growth of the corporate solutions and capital markets offering, expanding asset/property management,project/facilities management and valuation services worldwide.
“The completion of this transaction represents a significant step forward in our strategy to build a fully diversified commercial real estate services company,” said Mr. Farkas. “With the NAI Global acquisition,we are gaining the world’s leading commercial real estate network and a tremendous foundation for futuregrowth. As we begin a new year, we look forward to partnering with the NAI team to provide enhanced services to the commercial and institutional real estate markets they serve as well as continuing to take advantage of other opportunities to grow and expand our platform.”
“We are thrilled to be joining forces with C-III and excited about the opportunity to deliver an even broaderrange of services to our members and add greater value to our collective corporate and investment clients.We look forward to tapping into their extensive resources and expertise to assist all of our clients instrategically optimizing their commercial real estate assets,” said Jeffrey M. Finn, President and CEO o fNAI Global.
“This transaction will provide access to addition resources and intellectual property that will enhance ourservice capability in Australia and New Zealand. The deal comes at an excellent time for us, we are a new business and this transaction will add further impetus as consolidate our position in New Zealand as a toptier commercial real estate services company and as we look to expand our presence in Australia. This is avery positive and exciting development for NAI Harcourts and NAI Global”. said Chris Nicholl, CEO of NAIHarcourts.
Founded in 1977 by Gerald Finn, NAI Global has grown from covering 15 countries in 1999 to offering afull, collaborative platform of services to clients in over 350 offices in 55 countries, with over 300 million square feet of commercial space under management.
C-III commenced operations with the purchase of Centerline Capital Group’s institutional real estate debtfund management and commercial mortgage loan servicing businesses in March 2010. Since that time, C-III has successfully launched mortgage origination, investment sales and title insurance businesses, and expanded its principal investment, loan origination, fund management and primary and special loanservicing businesses, including acquiring the special servicing and CDO management businesses of JER Partners in August 2011.
Financial terms of the NAI Global acquisition were not disclosed.