Berkadia is betting on Chicago’s multifamily sales market with the acquisition of one of the city’s independent brokerages.
The firm — a joint venture between Warren Buffett’s Berkshire Hathaway and Jefferies Financial Group — is taking over Moran & Co., Crain’s reported.
The financial terms of the deal were not disclosed. Berkadia will absorb Moran’s 31 employees and 15 brokers across the U.S., and the Chicago firm will operate under the name “Berkadia Institutional Solutions, powered by Moran.”
Former tax consultant Tom Moran founded his eponymous firm in 1971, and carved out a niche in marketing large apartment buildings. Moran & Co. has also developed apartment properties such as the Residences at Addison & Clark in Lakeview, and 73 East Lake Street in the Loop.
In a statement, Moran touted Berkadia’s private ownership and said the merger would allow the firm to “better anticipate — and answer — our clients’ long-term needs.” Berkadia’s platform will provide access to mortgage banking and loan servicing.
The commercial brokerage space, dominated by giants like Cushman & Wakefield, CBRE and JLL, has seen lots of consolidation, particularly within the last few years.
[Crain’s] — Danielle Balbi