C-III Capital Partners LLC (C-III), a portfolio company of Andrew Farkas’ Island Capital Group, announced on Wednesday that it has reached an agreement to acquire NAI Global, a network of independent commercial real estate firms in 55 countries around the world.

Farkas said that he plans to use C-III’s asset base and the acquisition of NAI Global — as well as other strategic acquisitions — to develop a more diversified real estate company.

“This is the strategy that was successful for Insignia,” he said. “C-III is led by the same team that built Insignia, and with C-III’s significantly larger asset base, I believe C-III can substantially exceed Insignia’s success.”

NAI Global boasts 5,000 professionals and 350 offices in the United States alone, and provides a variety of corporate, management and technological services, with over $45 billion of transactions completed annually. Despite the acquisition, the company will still operate independently under its current management.

Before acquiring NAI Global, C-III also purchased Centerline Capital Group’s real estate debt fund management and commercial mortgage loan servicing businesses. Through this acquisition, C-III was able to develop mortgage origination, investment sales and title insurance businesses.

President and CEO of NAI Global Jeffrey M. Finn called the partnership between C-III and NAI Global a “perfect fit” for the two companies. He went on to say that the acquisition will “take the enterprise to a new level.”