Newmark files for $100M IPO

Commercial brokerage NKF is being spun off from its parent BGC Partners

TRD LOS ANGELES /
Oct.October 24, 2017 10:48 AM
From left: James Kuhn, Howard Lutnick, Barry Gosin (Credit: Newmark, BGC Partners)

Newmark Group filed for a $100 million initial public offering with the U.S. Securities and Exchange Commission on Monday.

The entity, which is being spun off from its parent company, Howard Lutnick’s BGC Partners, will include the commercial brokerage Newmark Knight Frank and the mortgage firm Berkeley Point.

Newmark plans to list on the Nasdaq under the symbol NMRK. Goldman Sachs, Bank of America Merrill Lynch, Citibank and Cantor Fitzgerald are affiliates on the deal.
The New York-based Newmark Group generated revenues of $1.5 billion for the 12-month period ended June 30, 2017, according to its registration statement.

BGC acquired Berkeley Point in July for $875 million to increase the scale of Newmark as the IPO neared. When it acquired the brokerage, then known as Newmark Grubb Knight Frank, in 2011, Lutnick described the move as a “dramatic new footprint in commercial real estate by BGC.”

Last year, NKF’s president Jimmy Kuhn said the brokerage quadrupled its revenue since it was acquired by BGC, and talked up brand-name poaches such as Kevin Shannon, a CBRE alum who is one of the top investment sales brokers on the West Coast, and Robert Griffin, who enjoys a similar reputation in New England.

Earlier this month, Jeff Gural stepped down as the chairman of NKF as part of a larger effort to differentiate the Gural family’s business from the brokerage prior to the IPO.


Related Articles

arrow_forward_ios
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!
From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Rexford Industrial adds to LA portfolio with $100M in acquisitions
Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more
3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Luzzatto Co. assembling creative office hub in West Adams
Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

Faring makes $30M assemblage play on WeHo/LA border
From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

Graymark, Nuveen pay $97M for El Segundo creative office
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...