Newmark Grubb Knight Frank has entered an agreement to acquire real estate firm Excess Space Retail Services for an undisclosed amount, NGKF parent company BGC Partners announced Monday.
Excess Space provides real estate disposition, lease restructuring and lease renewal services for retailers across the country. The firm currently advises clients on 35.6 million square feet of retail space in North America and has generated roughly $4 billion in cost savings, NGKF said in a release.
The acquisition is meant to “complement and drive future growth opportunities” within the brokerage, with Long Island-based Excess Space advising an array of supermarkets, drug stores, department stores, home furnishings companies, banks and restaurants.
“We are confident that the acquisition of Excess Space will enhance our business, strengthen the services within our global retail platform, and bring value to our clients,”Michael Ippolito, NGKF chair of global corporate services, said in a statement.
BGC Partners acquired multi-housing brokerage Apartment Realty Advisors for $110 million last year. – Rey Mashayekhi