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Posts Tagged ‘bgc partners’

  • Barry Gosin

    Barry Gosin

    UPDATED, 11:40 a.m., January 27: Newmark Grubb Knight Frank’s chief executive officer Barry Gosin believes that the firm can be among the country’s top three commercial brokerages.

    Speaking from the World Economic Forum in Davos last week, Gosin said that NGKF had aggressively expanded following its acquisition by BGC Partners and was poised for continued national growth. [more]

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  • Breakdown of where Grubb & Ellis executives have landed

    A state bankruptcy judge approved Grubb & Ellis’ liquidation plan on Wednesday, almost a year after the struggling commercial firm was acquired by BGC Partners, Law360 reported.

    As a result of a series of operating losses and negative earnings Grubb & Ellis filed for bankruptcy in February 2012, and sold most of its assets to BGC in April of the same year for north of $50 million. Frank Oswald of Togut Segal & Segal LLP, an attorney for Grubb & Ellis, told the court that following the approval of the sale to BGC, “the committee and this debtor worked hand-in-hand” for the remainder of the bankruptcy process.  [more]

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  • Howard Lutnick

    BGC Partners plans to roll out its real estate derivative platform next year with the backing of three large banks, the firm’s CEO Howard Lutnick said at a real estate panel this morning in Midtown.

    BGC owns the Midtown-based real estate brokerage Newmark Grubb Knight Frank, and Lutnick first suggested in 2011 that the company would offer a hedge against office leases in the form of a derivative.

    Real estate derivates provide tenants or landlords a type of insurance against rising or falling rents, but have proven difficult to implement. Many real estate brokers are skeptical about the idea, but other industry insiders believe it will eventually take hold. [more]

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  • BGC CEO Howard Lutnick

    Newmark Grubb Knight Frank raked in $141.1 million in revenue during the third quarter. The third quarter earnings mark a slight decrease from the $144.1 million posted during the second quarter, according to a report in Crain’s. The results come from a tally recorded by its parent company BGC Partners. Newmark’s earnings raised BGC’s income during a time at which BGC’s income from other financial services had fallen.

    BGC’s revenues were $107 million in October – a decline from $112 million in October of 2011. But including real estate revenues, the numbers during the third quarter ticked in at $440 million, up from roughly $380 million year-over-year. [more]

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  • Avison Young's Arthur Mirante and 3-15 26th Avenue

    One of the largest listings held by New York City brokerage newcomer Avison Young, which The Real Deal today reported is engaged in a legal battle with BGC Partners, has finally come online: a four-acre residential development site on the Astoria Waterfront. The Wall Street Journal reported that the site, at 3-15 26th Avenue, was formerly a lumber yard featured in the film “Freejack” and is now asking $80 million. [more]

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  • From left: Avison Young's Mark Rose and BCG's Howard Lutnick.

    BGC Partners has filed suit alleging that Avison Young, a Toronto-based commercial real estate brokerage, has “illegally looted” business from its recently acquired Grubb & Ellis subsidiary. Avison Young, led by former Grubb & Ellis president Mark Rose, allegedly poached 16 brokers in New York, Chicago, Atlanta and Pittsburgh, according to the complaint, after Grubb & Ellis filed for bankruptcy in February, the suit claims.

    Filed Aug. 1 in New York State Supreme Court, the suit alleges that Avison Young poached the South Carolina and Nevada affiliate brokerages from Grubb & Ellis after the BGC acquisition was completed in April. Avison Young has rewarded these brokers, “with full knowledge and recklessness to the consequences-for concealing or stealing business opportunities that belonged to Grubb & Ellis,” the suit states. [more]

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    BGC Partners CEO Howard Lutnick
    BGC Partners CEO Howard Lutnick appeared on Bloomberg Television yesterday and shared his vision for the company’s commercial real estate business on the heels of recent acquisitions of Newmark Knight Frank and Grubb & Ellis (see video after the jump).

    Lutnick said his financial brokerage can thrive in the commercial property market because the biggest users of offices are the very financial services firms with which BGC already has an established relationship. “We figured we could buy companies, hire great brokers and use those relationships we have to grow our marketshare.” … [more]

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  • From left: Arthur Mirante of Avison, Joseph Harbert of Colliers International and Howard Lutnick of BGC Partners

    In the midst of several Cushman & Wakefield defections to commercial brokerages setting up shop here in New York, the market is beginning to look more competitive, Crain’s reported. The trend is a product of firms pursuing deals in New York City, where the real estate market remains far more active than it is in much of the rest of the country. [more]

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  • The vast majority of the real estate professionals and nearly all the transactional brokers that were working in the Manhattan office of commercial real estate firm Grubb & Ellis in the months before BGC Partners merged it into Newmark Grubb Knight Frank have not gone to Newmark, an analysis by The Real Deal shows (see chart). [more]

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  • BGC CEO Howard Lutnick

    BGC Partners closed on the acquisition of bankrupt commercial brokerage Grubb & Ellis last night, the New York Observer reported. The Observer did not mention a price for the acquisition, but a previous analysis by The Real Deal estimated the base price at nearly $50 million plus potential additional costs in the millions of dollars. [more]

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  • Howard Lutnick’s BGC Partners is expected to close soon on the acquisition of the bankrupt commercial brokerage Grubb & Ellis, but the total amount his firm plans to pay remains a mystery.

    California-based Grubb filed for bankruptcy Feb. 20, as part of plan in which BGC would buy Grubb’s assets. A bankruptcy court judge approved the sale March 27, and the transaction is expected to close in the coming days. [more]

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  • BGC Partners’ purchase of nearly all the assets of the bankrupt commercial brokerage Grubb & Ellis is set to close in the coming weeks, a statement released by the firm today said.

    On Tuesday, a U.S. Bankruptcy Court judge approved BGC’s purchase of Grubb, the California-based firm that filed for bankruptcy Feb. 20. [more]

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  • Howard Lutnick

    A Manhattan federal bankruptcy judge this morning issued a ruling approving BGC Partners’ acquisition of troubled California-based real estate brokerage Grubb & Ellis, free and clear of any liens.

    The ruling is a victory for BGC, headed by CEO Howard Lutnick, which had come under criticism from Grubb brokers who objected to several details of the bankruptcy proposal, including a plan to pay many commissions through loans. [more]

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  • BGC CEO Howard Lutnick

    BGC Partners CEO Howard Lutnick and top executives at Newmark Knight Frank sought to allay fears of Grubb & Ellis brokers during a brief conference call this morning with company employees.

    Lutnick spoke with energy about the anticipated merger of Grubb with Newmark and BGC that is slated to happen once a judge from the U.S Bankruptcy Court in Manhattan approves a sale of Grubb assets.

    [more]

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  • As The Real Deal reported yesterday, Grubb & Ellis has cancelled a bankruptcy auction to sell its assets, which has left BGC Partners as the only buyer. In addition, Grubb & Ellis’ cancellation has paved the way for a court hearing to approve the sale, which will happen today, according to CoStar Group’s blog. [more]

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  • From left: Grubb & Ellis brokers Jon Epstein, Martin Cottingham and Vincent Carrega

    An auction scheduled for today to sell nearly all the assets of the distressed California-based brokerage Grubb & Ellis was cancelled yesterday, leaving stalking-horse bidder BGC Partners as the only buyer, documents filed last night with U.S. Bankruptcy Court in Manhattan show. [more]

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  • After filing for bankruptcy, Grubb & Ellis sent letters to brokers and employees informing them they wouldn’t be compensated for commissions and other payments they were owed pre-bankruptcy. The New York Observer reported that more than 300 objections were filed by employees across the U.S. to prevent the court from approving the motion. [more]

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  • Lutnick’s big hedge

    March 09, 2012 10:30AM

    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]

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  • From left: Howard Lutnick, CEO of BCG Partners, and Scott Markowitz of Tarter Krinsky & Drogin

    A federal bankruptcy court judge in Manhattan responded yesterday to a group of creditors frustrated over the speed of the potential BGC Partners acquisition of Grubb & Ellis, and postponed a hearing scheduled for today until next Monday, court records show.

    The creditors complain that Howard Lutnick’s Midtown-based brokerage BGC Partners is forcing through a sale of nearly all of Grubb & Ellis’ assets at an accelerated pace so that BGC will be the sole bidder. [more]

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  • From left: Cassidy Turley Tri-State President Peter Hennessy, Colliers International Tri-State President Michael Cohen, Andrew Lance, partner of Gibson, Dunn & Crutcher, and Stephen Meister, partner of Meister Seelig & Fein

    New York City’s commercial property insiders are digesting the news that Midtown-based finance and property brokerage firm BGC Partners has agreed to buy the assets of the battered national services firm Grubb & Ellis.

    They say the acquisition, which Federal Bankruptcy Court documents value at about $34.8 million plus additional, undefined amounts, would bring stability to the California-based Grubb. [more]

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