Frederick Ross Company joins New York's Newmark Knight Frank
By Paula Moore
Denver Business Journal
The Frederick Ross Co., one of metro Denver's largest commercial real estate firms, now is part of Newmark Knight Frank of New York, Newmark said Monday.
Ross, started in 1888 and now headed by Jack Box, has become Newmark Knight Frank Frederick Ross. Box is president and CEO of the new entity.
Terms of the deal ― called a partnership by Newmark ― were not disclosed.
"For regional firms such as ours, it has become almost necessary to be part of an expansive global operating platform," Box said in a statement. "[Newmark's] infrastructure and support is a perfect fit with our local market expertise."
There long has been speculation in the metro-area commercial real estate community that Ross would be purchased by, or otherwise become affiliated, with a larger company with a global reach. Teaming up with a large firm is one way for local, independent companies to compete with large, global brokerage firms such as CB Richard Ellis Group Inc. (NYSE: CBG), Jones Lang LaSalle Inc. (NYSE: JLL) and Grubb & Ellis Co. (NYSE: GBE), according to local real estate experts.
The Ross company formerly was affiliated with ONCOR International, a Parsippany, N.J.-based member network of more than 50 independent real estate services companies with 170 offices in more than 30 countries. ONCOR said it did roughly $13.2 billion in transactions in 2009 alone.
Newmark Knight Frank calls itself one of the largest independent real estate services firms in the world, with more than 200 offices and 6,300 employees worldwide. The company reported $32 billion in transactions in 2009, and revenue of more than $811 million for last year.
In another recent collaboration by a local commercial real estate company, NAI Global has picked Shames Makovsky Realty Co. as its Denver-area affiliate, after separating from former local partner Fuller Real Estate.
Shames Makovsky is headed by local developer Evan Makovsky. The company recently changed its name to NAI Shames Makovsky, according to Colorado Secretary of State data.
NAI is based in Minneapolis/St. Paul.
Earlier this year, Fuller Real Estate became part of Cassidy Turley Commercial Real Estate Services, and is called Cassidy Turley Fuller Real Estate.