NAI, one of the nation’s largest brokerage firms, and Commercial Real Estate Solutions (CRES) LLC have formed a joint venture to grow their brokerage operations. The deal creates NAI Commercial Real Estate Solutions LLC, which will be owned equally by NAI and CRES.
Commercial Real Estate Solutions manages brokerage and training services for Beverly Hills, Calif.-based Prudential Commercial Services. Hightstown, N.Y.-based NAI has 150 member firms serving 300 markets worldwide. In the joint venture, the two companies’ networks will remain independent, but they will refer business and planning resources.
Jeffrey M. Finn, president and COO of NAI, will be the chairman and CEO of the venture, while Mark Donahue, president and CEO of CRES, will be the vice chairman and president.
"The arrangement allows brokers from both networks to expand their capabilities and transaction volume," said Finn in a statement. "We expect this relationship to open up new corporate and institutional business opportunities.
The partnership will give NAI access to many secondary and tertiary markets in which Prudential Commercial Services has a strong presence. It also will extend Prudential’s reach into hundreds of new markets around the world.