SALT LAKE CITY — Utah-based commercial real estate company Coldwell Banker Commercial Advisors announced an agreement that will make it one of the largest brokerage firms in the nation, company officials said.
CBC Advisors has agreed to acquire Coldwell Banker Commercial Alliance from Sutherland Asset Management for an undisclosed amount. The merger would make the combined company among the largest commercial firms in the United States, said Lew Cramer, president and CEO of CBC Advisors.
With national recognition of the “Silicon Slopes” metro area as one of the hottest entrepreneurial enclaves, Cramer said, commercial real estate in Utah is expected to continue on an upward trend for the foreseeable future.
"(CBC Alliance) is a great group of folks. We've known them for years," he said. "It is a natural merger because they are people that we know and trust.
The expansion will broaden the combined firm's capabilities, both nationally and internationally, Cramer said.
"We want to have the opportunity to serve more people and do it in a really good way," he said.
The headquarters for CBC Advisors will remain in Salt Lake City. The expanded company will employ 450 agents and staff more than 27 offices across the country, Cramer said.
“We’re proud to see Utah companies continuing to grow and pave a path forward for our economy,” said Val Hale, executive director of the Governor’s Office of Economic Development. “As long as we support businesses that are willing to push the envelope, Utah can stay strong and solidify our economic dynasty.”
The Provo area was recently praised by CNN Money for its robust job market, particularly in southern Utah County where technology growth has boosted commercial development.
Cramer noted that CBC Advisors is working on 16 projects near Thanksgiving Point.
“Point of the Mountain is one of the hottest real estate areas in the nation,” he said. “Having a strong presence in high-growth areas of Utah and other states will continue to showcase our state and CBC Advisors as a leader and example to the rest of the nation on infrastructure, planning and corporate real estate.”