Birmingham property consultancy Knight Frank has clinched a deal with Newmark - one of the largest independent real estate firms in the US - to create a new global player in world markets.
The new partnership is designed to further expand each company's global presence and establish an enhanced platform from which to service clients' international requirements.
The Midlands is considered an area of particular interest to US investors and is a focal point for transatlantic deals.
Mark Swallow, office head at Knight Frank Birmingham, said yesterday: "Knight Frank has a very strong global presence in the leasing markets throughout the UK, Europe and Asia-Pacific, while Newmark operates successful offices in nearly every major centre in the US.
"With its strong New York presence and excellent reputation with US occupiers, it is an obvious complement to both firm's global expansion strategies of increasing market share in the global occupier market and there is a true synergy between the two organisations."
Knight Frank has a network of more than 220 offices in over
30 countries throughout the world. It has an annual turnover of £199 million and each year completes nearly 175 million sq ft of property transactions, valued at £16.4 billion. Newmark, which employs nearly 800 people, completes nearly 25 million sq ft of property transactions a year, valued at over $9.5 billion (£5.39 billion)
Together, the firms handle transactions valued at over $41 billion (£23.2 billion), with annual revenues exceeding $ 545 million (£309.5 million).
The combined global office network will consist of more than 240 offices in over 30 countries worldwide with staff numbers exceeding 4,500. The partnership will start on January 1, 2006.
The two firms are already in discussions regarding the possible investment by Newmark in Knight Frank Asia Pacific. Newmark, which has its headquarters in Manhattan, considers this a key growth market and a potential investment would advance Knight Frank's continuing expansion in the region.
Barry Gosin, vice-chairman and chief executive of Newmark, said: "We are very excited about this partnership.
" As many corporations around the world become global enterprises, this is a great opportunity for both firms to better serve them. Having additional local expertise for companies that plan their real estate globally gives us the flexibility and knowledge base to support the execution of their real estate strategies.
"We will now be able to provide our clients with realtime, seamless, global advisory services with one phone call or email to Newmark or Knight Frank professionals."
The new partners believe that their alliance will now give their customers and clients an improved platform of strategic real estate advisory services.