Brokerage Merger Brings Big Business to Brooklyn
Timothy D. King
SOURCE: Brooklyn Paper by Rose Adams
July 11, 2019
CPEX Real Estate, a commercial brokerage firm based in Downtown Brooklyn, will join together with an international firm called SVN, which acquired 50 percent of the Brooklyn company in June.
The partnership will allow the small brokerage to grow exponentially and better serve Brooklynites, according to its executive.
“For our clients, it’s a chance to cast a wider net — to offer their properties to a larger pool of customers,” said Timothy King, who has run CPEX since 2008. King added that SVN’s 200 offices across the country will allow the boutique firm to access more resources and a larger client base.
King, who was born and raised in Canarsie, has worked in real estate brokerage for 40 years. In 2008, he co-founded CPEX, which aimed to redefine commercial brokerage by “applying the investment banking operating platform to the commercial real estate middle market,” according to the firm’s website.
The brokerage company sells large commercial properties — like Liberty Plazain Sunset Park — as well as mom ’n’ pop stores, and it quickly gained a foothold in the industry: In 2015, Forum Magazine named CPEX one of the fastest growing companies in the country.
Some of the firm’s most recent projects include brokering a $280 million ground lease of an industrial site in Red Hook, and a $19.8 million purchase of two lots in Greenwood Heights, Commercial Observer reported.
For King, the partnership with SVN marks an important step for the company.
“It’s an exciting time,” he said. Although the merger will change aspects of his brokerage firm, which will become a franchisee of SVN and will be renamed “SVN | CPEX,” King plans to preserve his company’s intimate connection to the borough.
“We can now offer all the options of a large agency while working at a local level,” King said.
— Rose Adams