BGC Partners has completed its acquisition of Newmark Knight Frank,
the finance brokerage announced in a statement today.
As The Real Deal previously reported, the purchase of the
Midtown-based commercial services
firm involves about 425 brokers, and includes Newmark’s New
York business and the company’s majority interest in more than 25
offices around the country as well as other affiliates.
Lower Manhattan-based BGC intends to drive Newmark’s growth by attracting experienced
brokers, investing in proprietary technology, and capitalizing on
Newmark’s extensive domestic relationships and international reach,
according to the statement.
“This acquisition is a game changer,” said
Howard Lutnick, chairman and CEO of BGC. “By applying BGC’s proven and
powerful model of investing in people and technology, we expect to
capitalize on and extend our relationships with top-tier financial
institutions, and introduce tools that will enable Newmark brokers to
help their clients hedge against changes in real estate prices.”
Financial terms of the deal were not disclosed.
“Newmark has been one of the fastest growing real estate services
firms in the commercial property markets,” said Barry Gosin, CEO of
Newmark. “Given our commitment to providing world-class service to our
clients and the best tools for our professionals, this is a unique
moment in the commercial real estate industry as we align
best-in-class technology with financial products and real estate.” — Miranda Neubauer