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Cushman & Wakefield Buying Burnham

National heavy hitter Cushman & Wakefield Inc. announced an agreement Dec. 18 to acquire San Diego-based Burnham Real Estate. Terms of the agreement, which were reportedly reached late last week, were not disclosed. The agreement is expected to close by the first of the year.

“Burnham is the industry prototype for the premier regional firm,” said Bruce Mosler, president and chief executive officer of Cushman & Wakefield, in the announcement. “Our clients expect the best representation everywhere they conduct business, and it’s strategic acquisitions of firms like Burnham that have helped Cushman & Wakefield to expand its reputation for excellence locally and globally.”

Burnham Real Estate President and Chief Executive Officer Stath Karras said that becoming part of Cushman & Wakefield is a tremendous opportunity for Burnham clients and staff. Karras will serve as executive managing director of Cushman & Wakefield’s San Diego operations.

As of Jan. 1, all Burnham Real Estate offices will operate under the Cushman & Wakefield name.

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Burnham Real Estate was formed in 1891 and is considered one of the region’s largest real estate companies. It has 250 employees operating in five offices, including three in San Diego, and estimated brokerage and finance transaction volume of $3 billion in 2007.

Cushman & Wakefield has 215 offices globally, including 10 in Southern California. In 2006, it completed sales and leasing transactions valued at more than $85 billion and had revenues of $1.5 billion.

, Michelle Mowad

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