Marcum LLP has merged in Cornerstone Accounting Group, an accounting and assurance firm that focuses on the real estate industry.
The merger takes effect immediately. Financial details of the transaction were not disclosed. Marcum's revenues in 2012 were $275.5 million, but Cornerstone's annual revenues were not disclosed.
As part of the deal, the entire Cornerstone team, including five partners and 75 staff members, will join Marcum. Cornerstone managing partner Daniel Vitulli will become national leader of Marcum’s Real Estate industry group and will join Marcum’s executive committee.
“Daniel Vitulli and the Cornerstone team are a best-in-class national organization and this transaction firmly establishes Marcum as a premier national real estate accounting group,” said Marcum managing partner Jeffrey M. Weiner in a statement.
Cornerstone provides accounting and assurance services to its clients, including private equity funds, hedge funds, real estate investment trusts, pension advisors and private real estate companies.
“As a national accounting firm with a footprint in over 20 regional markets, Marcum provides the Cornerstone Accounting Group the opportunity to significantly expand our reach and grow services for both our local and national clients,” Vitulli said.
