Newmark Group, Inc. Closes on the Acquisition of RKF Retail Holdings, LLC
NEW YORK, Sept. 6, 2018 /PRNewswire/ -- Newmark Group, Inc. (NASDAQ: NMRK) ("Newmark Group" or "the Company"), which, through subsidiaries, operates a leading full-service commercial real estate services business, announced today that it has closed on the acquisition of RKF Retail Holdings, LLC and its subsidiaries ("RKF"). RKF is a leading independent real estate firm in North America specializing in retail leasing, investment sales and consulting services. RKF serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and dispositions.
The acquisition of RKF bolsters Newmark Group's national retail business which includes retail leasing, retail investment sales, project development, retail occupier services and Excess Space Retail Services, Inc., a Newmark Group company specializing in real estate disposition and lease restructuring.
Robert K. Futterman will serve as chairman of Newmark RKF, Newmark Group's retail leasing division, and will be responsible for leading the growth of the Company's retail real estate business throughout North America. Alongside Mr. Futterman, among the many RKF brokers joining Newmark Group are Vice Chairmen Karen Bellantoni, Robert Cohen, Jeremy Ezra, Barry Fishbach, Jeff Fishman and Ariel Schuster along with the firm's management and support teams.
"The closing of the acquisition of RKF is a prominent milestone for our business in creating an industry-leading national retail services firm," said Newmark Group Chief Executive Officer Barry M. Gosin. "Robert and his team bring a tremendous depth of talent and over two decades of expertise to the dynamic global retail environment. Over time, we expect our newly combined retail platform to produce strong results under Robert's leadership."
"Today's achievement brings us one step closer to creating a platform that will reshape and significantly impact the retail industry," said Mr. Futterman. "Today's retail market is a dynamic environment. Our collective and unique understanding of demand-side trends, customer demographics, the food and beverage industry, experiential innovations in retail, as well as the implications of new accounting rules for our clients will give Newmark RKF an even stronger national platform while providing clients with comprehensive, turn-key services.
"I look forward to leading the Newmark RKF team and leveraging our resources to help clients capitalize on the tremendous opportunities that exist in today's retail real estate marketplace."
Newmark Group's existing retail business is led by recognizable teams in major markets such as New York, Boston, Chicago, Los Angeles and San Francisco. In total, RKF will add approximately 70 brokers to Newmark Group. The Company expects the acquisition to be accretive to earnings per share within the first full year.
About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. ("BGC") (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
Discussion of Forward-Looking Statements about Newmark Group and BGC
Statements in this document regarding Newmark Group and BGC that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group and BGC undertake no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group's and BGC's Securities and Exchange Commission filings, including, but not limited to, the risk factors set forth in these filings and any updates to such risk factors contained in subsequent Forms 10-K, Forms 10-Q or Forms 8-K.
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