The Real Deal New York

Lutnick’s big hedge

With two new firms under his control, Howard Lutnick’s BGC Partners looks to launch property derivatives market — and he is not alone

March 09, 2012 10:30AM
By Adam Pincus

  • Print

BGC Partners CEO Howard Lutnick

From the March issue: Howard Lutnick’s announcement last month that his firm BGC Partners would buy distressed brokerage Grubb & Ellis through a Chapter 11 bankruptcy moves the conversation from why he’s getting into the commercial real estate game to how big a company he wants to build.

The purchase announcement came four months after the financial brokerage bought real estate services firm Newmark Knight Frank, and just weeks after Lutnick boasted on Bloomberg Television that he hoped to someday capture “25 percent of the [commercial real estate] market share.” [more]