FOR IMMEDIATE RELEASE    
Contact: Danielle Miller
January 10, 2007
(410) 494-4834     
dmiller@mackenziecommercial.com

MACKENZIE TO STAY INDEPENDENT; CUSHMAN & WAKEFIELD LOOKS TO OPEN BALTIMORE OFFICE

Baltimore - MacKenzie Commercial Real Estate Services, LLC and Cushman & Wakefield jointly announced on January 9, 2007 their intention to part ways as to their 3.5 year alliance relationship.  The contiguous proximity between Cushman’s D.C.-based regional office and MacKenzie’s Baltimore-based Maryland territory has created over time an increasing overlap of market coverage.  Recognizing the direction of the converging markets, Cushman concluded that their D.C.-based regional office needed to include a company-owned Baltimore office, which apparently led to acquisition overtures from Cushman to MacKenzie.

Gary T. Gill, President and CEO of MacKenzie, confirmed the acquisition discussions with Cushman & Wakefield.  “We understand Cushman & Wakefield’s strategic plan to have a company-owned office to serve the Baltimore region.  Cushman & Wakefield is an outstanding company.  We were flattered by their interest in acquiring us, but we have opted to continue our independent status.  The MacKenzie brand has served the Maryland business community well for almost 40 years.  We have enjoyed our alliance relationship with Cushman immensely but, at this point in time, staying independent is best for our people and our clients.”

James Underhill, Managing Director of Cushman & Wakefield of Washington, D.C., confirmed Cushman’s intention to open a Baltimore office in the near future.  “We did have discussions with MacKenzie regarding a possible acquisition.  Ultimately, that was not meant to be.  MacKenzie has been an outstanding alliance member for us.  They have built an excellent brand for their Maryland-based business.  We respect their decision to stay independent and wish them well.” 

The MacKenzie Companies provide a full range of commercial real estate services, including brokerage, development, market research, property management, debt and equity capital placement, and general construction.