Investor’s deal to buy NAI seen as ‘big win’ for La. offices

C-III Capital Partners has reached a deal to buy NAI Global, a network of independent commercial real estate firms. Terms of the deal were not disclosed, but the merger is expected to close in the third quarter. Plans are for NAI Global to continue to operate as an independent company, under its current management. C-III is led by investor Andrew Farkas, who built New York-based Insignia Financial Group into one of the largest commercial real estate service firms in the country, before CB Richard Ellis bought it for about $415 million in 2003. Karl Landreneau, director of commercial sales and leasing for NAI/Latter & Blum, says the C-III deal will mean more money and more business for his office. The plan is for C-III to pump money in to beef up NAI/Latter & Blum’s technology. Landreneau says C-III has a minimum of $17 billion in real estate service work it plans to farm out to NAI offices. That work involves acquiring or selling off assets. “That’s a big win for us, because when there is some national business in Louisiana, they will send it to us.” —Timothy Boone