A Utah-based commercial real estate brokerage is taking advantage of the nation's troubled economy by expanding its reach into the Pacific Northwest.
Commerce Real Estate Solutions of Salt Lake City has acquired offices in Seattle and Bellevue, Wash., that previously were operated by Cushman & Wakefield, one of the world's largest privately held real estate service companies.
"The commercial real estate business is not for the faint-hearted," said Commerce CEO Mike Lawson. "The addition of those offices gives us a presence near one of the busiest ports on the West Coast and the opportunity to increase our national and international business here in Utah."
Lawson said many international companies that are eager to establish distribution facilities in this country often are looking for multiple locations. With Commerce's new presence in Washington, the company's agents will be in the position to point those clients toward the Utah market.
The acquisition increases Commerce's staff from approximately 205 to nearly 260 agents. Lawson said the staffs in Seattle and Bellevue will be maintained and new agents added as the commercial real estate market improves.
"Our clients need more services [and] want them done rapidly and seamlessly in multiple markets," Lawson said in a statement announcing the acquisition. "That's why we decided to grow, even during a softer economy."
Commerce has been an independent affiliate of Cushman & Wakefield since 2002.
As an affiliate, Commerce can draw upon that company's expertise in areas that include investment banking, debt and equity financing, as well as its presence in many of the world's largest metropolitan areas. And that relationship also means Cushman & Wakefield can draw upon its affiliates' expertise in markets areas where it doesn't have a presence, such as Salt Lake City.
Martin Nee, a spokesman for Cushman & Wakefield, said the decision to sell the Washington locations was made for strategic reasons after the company determined the market going forward could best be served by an affiliate that is committed to growing its presence in that area.
"We weighed our options for quite a long time," he said, adding that Commerce is "highly qualified" and positioned to help Cushman & Wakefield increase its business presence in Washington.
He noted that Cushman & Wakefield has more than 230 offices in 58 countries and that Commerce is one of 27 affiliates, which operate in more than 55 U.S. markets.
