Andrew Farkas, who founded Insignia Financial Group Inc. in New York in 1990 and steered it to become one of the largest commercial real estate services firms in the world before rival CB Richard Ellis bought the company for approximately $415 million in cash in 2003, has the brokerage community buzzing again.

C-III Capital Partners LLC, the firm Farkas now leads, has entered into a definitive agreement to acquire NAI Global, the largest network of independent commercial real estate firms worldwide. The transaction is expected to close in the third quarter.

Financial terms of the transaction were not disclosed. Headquartered in Princeton, N.J., NAI Global will continue to operate as a separate company under its current management once the deal closes. C-III Capital Partners is based in Irving, Texas.

NAI Global manages a network of commercial real estate firms that include 5,000 professionals and 350 offices in the United States and 55 countries throughout the world. NAI Global’s network members provide a full spectrum of corporate, financial, technology and project management services.

The acquisition of NAI Global makes C-III Capital Partners an instant powerhouse. According to NREI’s Top 25 Brokerages survey published in April, the total dollar amount of investment sales and leasing transactions generated by NAI Global in 2010 was $45 billion, placing it fifth in the rankings. As of Dec. 31, 2010, NAI Global managed 315 million sq. ft. of commercial real estate globally, placing it No. 7 on NREI’s list of the Top 25 Property Managers.

To continue reading the story, go to NREIonline.com.