Cincinnati Commercial Real Estate Inc. (CCR) currently provides office, industrial, and retail leasing services in the Cincinnati area. Investment sales are also an important part of this business, as they deal with private firms to Fortune 500 companies. Recently, the company has made a public statement that the popular New York City- based group, Newmark Grubb Knight Frank, has made a deal to buy the company. NGKF is one the world’s largest commercial real estate brokerage, and is a huge deal for the Cincinnati area.
Who is NGKF?
Newmark Grubb Knight Frank has been around since the late 1920’s and has worked its way up, to become globally known for being a leader in the commercial real estate industry. The company has a partnership with Knight Frank, based out of London, as well as several independently owned offices. NGFK employs more than 12,000 individuals throughout six continents. The company provides a wide range of services including leasing, capital market services, investment sales, debt placement, appraisal & valuation services, commercial mortgage brokerage services, corporate advisory services, consulting, project & development management, and property & corporate facilities management services. You can see what the company has remained in business and is so successful on a national level; they do it all! The company is part of BGC Partners Inc., which is a leading global brokerage company servicing the financial and real estate.
NGKF in the Midwest
In buying CCR, Newmark Grubb Knight Frank will make their presence known in the Midwest, They currently have two offices in Ohio, one in Cleveland and one In Columbus. This new location will give the company even more opportunity for growth in the state of Ohio. It is especially true because the Cincinnati metropolitan area has been fast growing over the past couple of years, and NGKF is now in a good location where they can thrive in the market.
Cushman & Wakefield merger in 2015
Earlier in 2015, Cushman & Wakefield merged their global commercial real estate firm DTZ. Cincinnati Commercial Real Estate has actual been an affiliate of Cushman & Wakefield. Meanwhile, Newmark Grubb Knight Frank had been acquiring practices affiliated with Cushman & Wakefield. The DTZ- Cushman merger was announced in spring of 2015, and CCR worked with the global brokerage network to provide the best services for their clients. It seems as if everything has come full circle.
Many might be wondering if there are going to be changes made. NGKF wants to continue to be a strong world class leader in the industry. Doug Altemuehle, who was the former head of CCR, will take on the role of Executive Managing Director for Newmark Grubb Knight Frank. Wayne Hach and Si Pitstick, who are a part of NGKF, will also lead the position with Altemuehle. The nine brokers who were employed at Cincinnati Commercial Real Estate are going to joining the new company. There is even an expected increase in employees for the Cincinnati area. CCR operated in downtown Cincinnati at 1 E. Fourth St., and will remain the location for NGKF.