NewliticQuest offers accelerated insights to inform strategy, optimization and planning
NEW YORK, Sept. 19, 2023 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate adviser and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the launch of NewliticQuest. Bringing together Newmark’s expertise in real estate, technology and consulting onto a single platform, NewliticQuest offers accelerated insights to develop strategic and tactical recommendations, inform business case development and achieve optimal results for property portfolios. Together with Newlitic, Newmark’s proprietary data visualization platform, NewliticQuest is another addition to Newmark’s growing suite of technology solutions serving corporate real estate leaders.
Leveraging NewliticQuest, organizations are better equipped to plan for and respond to business change, disruptive events, mergers and acquisitions and real estate opportunities through strategic insights, including location and market rate optimization, ideal vacancy rates, talent retention, commute times and more.
“Newmark is committed to investing in leading-edge technology that drives real decision-making dynamics to define the future of the workplace,” said Rick Bertasi, Chief Executive Officer of Newmark Global Corporate Services. “Given the changing nature of corporate real estate, technology advancements will further amplify the value and potential of an organization’s real estate strategy as companies pivot towards more data-centric cultures.
NewliticQuest offers several self-serve capabilities and insights into business and real estate performance with dynamic and simple dashboards, which can be accessed directly by clients. The software’s automated data validation capabilities help users quickly pinpoint data issues to ensure that information is accurate before being executed. Coupled with Newmark’s best-in-class consulting expertise, the tool can enable in-depth portfolio assessment, delivering tailored and tangible solutions for clients assessing their portfolio.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark 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. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
SOURCE Newmark Group, Inc.
Public Storage Acquired Simply Self Storage from Blackstone Real Estate Income Trust, Inc.
NEW YORK, Sept. 15, 2023 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate adviser and service provider to large institutional investors, global corporations, and other owners and occupiers, announces it served as the Co-Lead Advisor to Blackstone Real Estate Income Trust, Inc. (“BREIT”) on its sale of Simply Self Storage (“Simply”) to Public Storage for $2.2 billion. Newmark’s Capital Markets National Self Storage practice leader Vice Chairman Aaron A. Swerdlin and team advised BREIT on the transaction.
The portfolio comprises 127 wholly-owned properties and 9 million net rentable square feet that are geographically diversified across 18 states and located in markets with population growth that has been approximately double the national average since 2018. Approximately 65% of the properties are located in high-growth Sunbelt markets.
“Self-storage is an asset class that continues to perform, even amidst the current challenging capital markets environment,” Swerdlin said. “In fact, the asset class, bolstered by its strong historical performance across business cycles, continues to garner a disproportionate share of overall commercial real estate transaction activity. We’re thrilled to have been able to advise our client on this sale.”
Public Storage funded the acquisition by utilizing its growth-oriented balance sheet to issue $2.2 billion of senior unsecured notes and quickly closed the transaction in a well-coordinated effort with the Simply and Blackstone teams. Public Storage expects the transaction will be accretive to FFO per share, with accretion accelerating through stabilization. A presentation with further detail is available on the Investor Relations section of PublicStorage.com.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark 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. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
SOURCE Newmark Group, Inc.
Industry Veteran Brent Mayo is Latest to Join the Industry-Leading Capital Markets Group
NEW YORK, Aug. 16, 2023 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate adviser and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the expansion of its Capital Markets services with the launch of the Data Center and Digital Infrastructure practice group, further expanding its expertise in alternative assets. In tandem, Newmark has hired Brent Mayo as Executive Managing Director to anchor the practice group.
The Data Center and Digital Infrastructure Capital Markets practice group, which is additive to Newmark’s global Data Center Consulting Group, further solidifies the Company’s already dominant position in alternative assets, in which Newmark has ranked #1 in total investment sales representation for the last four and a half years1.
Newmark has been dedicated to growing and strengthening its Capital Markets platform and is strategically focused on emerging and alternative asset classes. The data center market has experienced remarkable growth and insatiable demand, and with advancements in generative AI and ML, this growth is expected to surpass the current estimated projection of a 10% compound annual growth rate (CAGR) through 20302, propelling the sector even further.
“Newmark is committed to adding best-in-class personnel, with a focus on the areas where clients need guidance and where there is an opportunity to hire experts in those spaces, underpinning our growth trajectory and the talent we’ve amassed,” said President of Capital Markets for North America Chad Lavender.
Mayo, based in the New York City headquarters, specializes in capital formation, financings, asset sales and platform advisory. In his role, Mayo will work with Newmark’s Capital Markets advisors on capital formation, financing and asset and portfolio sales, and alongside the firm’s Data Center Consulting Group advisors, leading the market in data center strategies, valuation and advisory, management, evaluation and performance.
“As digital infrastructure and data centers have become increasingly relevant in today’s global digital economy, we are excited to broaden Newmark’s reach with an industry leader and professional of Brent’s esteem, which significantly enhances our capabilities in an asset class as important as Capital Markets Data Centers and Digital Infrastructure,” added Lavender.
Throughout his career, Mayo has been involved in some of the most significant data center and digital infrastructure deals in the last decade, including CyrusOne’s $16B sale to KKR and GIP, ODATA’s multibillion-dollar sale to Aligned Data Centers; AtlasEdge’s formation and subsequent acquisition of DataCenter One; and Data Foundry’s sale to Switch data centers. Mayo joins Newmark from DH Capital, a division of Citizens, an investment bank solely focused on data centers and digital infrastructure.
“Newmark’s demonstrated success across nearly all real estate verticals and asset classes, coupled with its commitment to growing in the digital infrastructure space, created a unique opportunity to serve our clients in a rapidly evolving sector,” said Mayo. “I look forward to partnering with the talent at Newmark and building on the platform’s success and momentum as we expand and accelerate the firm’s best-in-class capabilities in the Data Center and Digital Infrastructure space.”
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark 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. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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1According to MSCI Real Capital Analytics, seller and buyer representation, January 1, 2019 – June 30, 2023
2According to a McKinsey & Company January 2023 article
SOURCE Newmark Group, Inc.
NEW YORK, Aug. 15, 2023 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate adviser and service provider to large institutional investors, global corporations, and other owners and occupiers, today announced that it has entered into a Delayed Draw Term Loan Credit Agreement (the “Credit Agreement”) to repay the principal and interest related to all or a portion of the Company’s $550 million 6.125% Senior Notes due November 15, 2023 (the “Senior Notes”).
“This new Credit Agreement, together with the $300 million to $350 million of cash we expect to generate from our business1 this year and Newmark’s $600 million revolving credit facility, provide sufficient capital to refinance our Senior Notes and continue to invest in growing our business”, said the Company’s Chief Financial Officer, Michael Rispoli.
On August 10, 2023, Newmark entered into the Credit Agreement with several financial institutions that committed to provide a $420 million senior unsecured Delayed Draw Term Loan, which may be increased to up to $550 million, subject to certain terms and conditions (the “Delayed Draw Term Loan”). The proceeds of the Delayed Draw Term Loan will be used to repay the principal and interest related to all or a portion of the Senior Notes. The Delayed Draw Term Loan will mature on the earlier of November 15, 2026 and three years from the initial funding date.
The initial all in rate of the Delayed Draw Term Loan is approximately 7.9%.2
For more information on the Credit Agreement, including with respect to pricing, please see Newmark’s Securities and Exchange Commission filing on Form 8-K.
BofA Securities, Inc. acted as the active lead arranger and bookrunner for the Credit Agreement, while Bank of America, N.A. will serve as the Administrative Agent. Additional institutions named as joint lead arrangers and joint bookrunners are Citizens Bank, N.A.; Fifth Third Bank, National Association; PNC Capital Markets, LLC; Regions Capital Markets; U.S. Bank National Association; and Wells Fargo Securities, LLC.
ABOUT NEWMARK
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT NEWMARK
Statements in this document regarding Newmark 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. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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1 Cash from the business is defined as “Net cash provided by (used in) operating activities” excluding the impact of (i) activity from loan originations and sales, and (ii) cash used for loans to producers and new hires, which the Company considers to be a form of investment. For more information, please see “Cash Flows” under “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Newmark’s most recent filing on Form 10-Q. |
SOURCE Newmark Group, Inc.
NEW YORK, Aug. 14, 2023 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate adviser and service provider to large institutional investors, global corporations, and other owners and occupiers announces the firm has recently raised $500 million from an institutional investor on behalf of Envision Cold (Envision) to capitalize a new cold storage operating and development company. The investment allows Envision to acquire and develop over $1.5 billion of cold storage assets. Newmark advised on the capital raise and formation of the company. The team was led by Newmark’s Co-Presidents of Debt & Structured Finance, Jordan Roeschlaub and Dustin Stolly.
With the funding sourced by Newmark, Envision has closed on acquiring cold storage operations and assets in Oakland, CA, San Francisco, CA, Laredo, TX and Vancouver, BC. Envision plans to continue acquiring and developing a network of facilities across North America, focusing on markets that are underserved by cold storage from both a physical infrastructure and customer service perspective. Providing its users with various services, including traditional cold storage, import/export services, transportation and blast freezing, Envision has engaged a preeminent real estate development team to oversee all ground-up development projects, which will be essential to the company’s growth.
“We are excited to announce the launch of Envision and our plans to build one of the preeminent cold storage companies in North America,” said Austin Solem, Chief Executive Officer of Envision. “The magnitude of this investment was driven by the strength of not only our team’s commitment to innovation and service but also to the opportunity within the market itself. The cold storage industry is stronger than ever, and it needs more national providers to satisfy the increasing demand.”
Led by an Executive Leadership team with a deep history in the cold storage industry, having previously worked together at the world’s second-largest cold storage owner/operator, Americold, Envision continues to build out a best-in-class organization to oversee the expansion and operation of the platform.
“We are proud to have represented Envision in the capitalization by a well-respected institutional investor. Led by an expert team, we expect Envision to have a great runway to create scale in the cold storage sector,” commented Roeschlaub.
Newmark’s effort on behalf of Envision is part of the Company’s continued push into complex joint venture financing, focusing on raising capital for platform and programmatic joint ventures across all real estate sectors.
About Envision Cold
Founded by a leadership team with over 50 years of collective experience with the biggest players in the cold storage industry, Envision Cold is a forward-thinking cold storage developer and operator. Envision combines scale and expertise with an entrepreneurial mindset and dedication to building bespoke solutions—and delivering them quickly. Through partnerships with a best-in-class developer and an elite investor, the firm designs, builds and operates custom temperature-controlled facilities and logistics systems based on customers’ specific visions and goals. Envision’s value-added services cover the broader cold chain, from initial processing to final mile delivery, and everything in between, providing innovative solutions to customers to bring safeguarded food to the world. Learn more https://www.envisioncold.com/.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark 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. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
SOURCE Newmark Group, Inc.
NEW YORK, March 17, 2023 /PRNewswire/ — On behalf of BentallGreenOak and Slate Property Group, Newmark has arranged a $248 million refinancing of The Biltmore, a 464-unit luxury apartment building complemented by 47,397 square feet of commercial space located in New York City’s dynamic Midtown West submarket. The Newmark team was led by Co-Heads of Newmark Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Senior Managing Directors Nick Scribani and Chris Kramer. Square Mile Capital and Clarion Partners provided the loan.
The recently upgraded asset features a renovated lobby, full floor of upgraded amenities and modernized elevator systems.
“The multifamily market in New York City has been a strong performer despite the headwinds over the past few years and quality assets that offer a mixed-use component remain a top choice for owners,” said Roeschlaub. “We believe that the financing provided by our partners at Square Mile Capital and Clarion will allow for ownership to successfully complete strategic upgrades to this iconic asset,” added Stolly.
The Biltmore was constructed in 2003 and spans 51 stories, featuring stunning views of the city skyline and Hudson River. The 464 apartment units combine upscale finishes with a comprehensive amenity package. Tenant amenities include a 24-hour concierge, fitness center, game room, lounge, movie/TV screening room and roof deck complemented by a 61-space attended parking garage. The commercial space of the property features food and beverage purveyors, convenience-oriented retail, boutique fitness and a medical office.
Ideally situated in New York City’s Midtown West submarket, The Biltmore is favorably positioned in one of Manhattan’s most accessible locations and is conveniently located near Hudson Yards, major Midtown employers, hip restaurants and nightlife destinations, iconic entertainment venues, Columbus Circle, Central Park and Times Square.
About BentallGreenOak
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $83 billion USD of assets under management (as of December 31, 2022) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 28 cities across fourteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bentallgreenoak.com
About Slate Property Group
Slate Property Group is a vertically integrated owner, operator, and developer of residential and commercial real estate in the New York metropolitan area. From adaptive reuse and repositioning of existing assets to ground-up development, the Slate team leverages extensive experience in the residential asset class, in-house teams dedicated to the separate phases of a real estate investment, and a regimented approach towards executing a business plan to seek superior risk-adjusted returns for its investors. Slate Property Group has invested in $6.4 billion of real estate across 110+ investments. In order to continue the successful execution of the existing and future real estate projects, Slate employs an experienced and educated team with over 115 full-time employees across its various arms.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark 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. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
SOURCE Newmark Group, Inc.
NEW YORK, March 14, 2023 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading full-service commercial real estate business, is pleased to announce Chad Lavender as President of Capital Markets for the Company’s operating businesses in North America. Bringing together all aspects of Newmark’s world-class capital markets practice, Lavender will serve on the Company’s Executive Committee, the corporate management steering committee, and reports to Newmark’s newly formalized Capital Markets Executive Committee, made up of Co-Heads of U.S. Capital Markets, Rob Griffin, Douglas Harmon, Kevin Shannon and Adam Spies, among others.
“Chad, a respected and sought-out voice in the capital markets sector, has an innate talent for leading and inspiring teams of top performers. In this newly defined executive capital markets position and coupled with his passion for execution excellence to achieve the best on behalf of clients, Chad’s leadership contributions will enhance our capabilities and efficiencies as Newmark continues on its growth trajectory,” said Barry Gosin, Newmark Chief Executive Officer.
As President of Capital Markets for North America, Lavender is responsible for driving the overarching strategy and revenue growth of the capital markets business for every asset type, including multifamily, office, industrial, retail and alternative investment classes. He will advise on recruiting and retaining top-tier talent, upholding and expanding a collaborative and entrepreneurial culture. Building on existing services and expertise and all infrastructure and support necessary to keep Newmark at the forefront of the industry in capital markets, Lavender will work alongside Newmark’s deep bench of advisors to provide integrated services and solutions across investment sales, recapitalizations, debt and joint venture equity executives to prioritize and enhance the Company’s capital markets client offerings to landlords, owners and investors.
“Formalizing this inter-disciplinary capital markets committee—which centralizes our leading area-specific expertise from across the Company—in tandem with Chad’s appointment, allows Chad and our advisors to seamlessly access, generate and scale real estate solutions and guidance for our clients,” said Kevin Shannon, Co-Head of U.S. Capital Markets. “We look forward to collaborating with Chad, who is one of the most talented and gifted capital markets professionals in the business. His commitment to the momentum of Newmark’s full-service client offerings has always been evidenced by his leadership,” added Robert Griffin, Co-Head of U.S. Capital Markets.
Lavender has completed investment sales, recapitalizations, debt and joint venture equity transactions totaling more than $37 billion in value throughout the U.S. Formerly Newmark’s Vice Chairman and Co-Head of Healthcare & Alternative Real Estate Assets group, Lavender joined the Company to form and co-lead the group in 2019. Previously, Lavender held roles as Co-Head of HFF’s national healthcare group—where his seniors housing- and healthcare-focused team consistently ranked among the company’s top producers—and an investment advisor with Apartment Realty Advisors’ seniors housing group prior to the firm’s acquisition by Newmark. Lavender will continue to advise within the Company’s Healthcare & Alternative Real Estate Assets group and recently launched Single Family Rental (SFR) group alongside Vice Chairman Ryan Maconachy.
“We are yet again recognizing a significant capital markets leadership announcement for Newmark in the strategic positioning of Chad in this new role. This announcement underscores the platform’s momentum as we endeavor to become the most relevant capital markets firm,” said Co-Head of U.S. Capital Markets Douglas Harmon, who recently joined the Company with Co-Head Adam Spies.
Lavender’s appointment aligns with that of Elizabeth Hart, who was recently named President of Leasing for North America. “As Newmark prepares for its next growth phase, announcing these new leadership roles emphasizes our strategic approach to building a dynamic future for the Company. We trust leaders like Chad and Liz to contribute to the growth, innovation and out-of-the-box thinking necessary to achieve our goals,” concluded Gosin.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark 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. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
SOURCE Newmark Group, Inc.
1245 Broadway is a newly constructed Class A+ boutique office building in NoMad, New York.
NEW YORK, March 10, 2023 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading full-service commercial real estate business, announces Corem AB and GDS Development LLC (GDSNY) have closed a $90 million loan on their trophy office tower at 1245 Broadway with German bank Deutsche Pfandbriefbank AG (pbb), one of Europe’s leading real estate financing institutions. Newmark’s Debt & Structured Finance team secured the loan on behalf of ownership. The low-leverage take-out facility will include financing current and future tenant fit-outs for the 200,000-square-foot tower in NoMad.
“We are delighted to be partnering with a lending institution with pbb’s stellar reputation for the financing at 1245 Broadway,” said Alan Rudikoff, co-founder of GDSNY. “This property is well-positioned to capitalize on the ‘flight-to-quality’ seen in the office sector.”
1245 Broadway is an award-winning 23-story Class-A office building at the corner of 31st Street and Broadway in NoMAD, one of New York City’s most dynamic neighborhoods. Designed by Skidmore, Owings & Merrill and developed by GDSNY, the building features architectural cast-in-place concrete, large triple-glazed windows, a private club, food and beverage catering to tenant floors and panoramic views of the city. The building has received LEED-Gold certification and offers the latest touchless technology and air quality.
The financing qualifies as pbb’s first Green Loan in the United States, having launched the product in this region at the start of the year. With Green Loans, pbb finances for its customers the purchase or recapitalization of commercial properties that meet strict environmental criteria and investments in the sustainability of existing properties. For this purpose, the bank has developed a proprietary scoring model that considers ten criteria in the three categories “energy efficiency,” building certification” and “other sustainability factors.” 1245 Broadway scored high in all categories.
“1245 Broadway has quickly gained a reputation as one of Manhattan’s environmentally sustainable trophy office buildings, and our organization is pleased to be playing a role in its continued success,” commented Andrew Fleming of pbb.
The financing for the asset was secured by Newmark’s Co-Heads of Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Nick Scribani.
“Class A+ institutionally-owned office product, irrespective of the current capital markets environment, continues to attract backing from world-class capital like pbb,” said Stolly. “We’re looking forward to seeing this new partnership succeed by bringing ownership’s vision of the newly constructed property into fruition.”
Due to its iconic design and careful positioning, 1245 Broadway has already become known as Manhattan’s premier film, media, technology and creative arts headquarters. Notable tenants include A24 Films (currently nominated for 17 Oscars in 2023), the TV production company 101 Studios (owner of the Yellowstone franchise), international gaming designers Avalanche Studios, global digital advertising firm GumGum and Wonderview Studios, a film and TV production company.
About GDSNY
GDS Development (GDSNY) is an award-winning full service, vertically integrated owner, operator, developer, lender and designer of multi-family and commercial real estate in the New York metropolitan area. Founded in 2007 by architect Michael Kirchmann and Alan Rudikoff, GDSNY has delivered in excess of $4.5 billion in real estate assets throughout New York City. www.GDSNY.com
About Deutsche Pfandbriefbank
Deutsche Pfandbriefbank is a leading specialist bank for investments in commercial real estate and public infrastructure projects in Europe and the USA. It is one of the largest issuers of Pfandbriefe, also making it an important issuer of covered bonds in Europe. Deutsche Pfandbriefbank AG is listed on the Frankfurt Stock Exchange.
In addition to Germany and USA, the main business focus is on Great Britain, France, Spain, the Nordic countries and countries in Central and Eastern Europe. In these core markets, pbb offers its customers a strong local presence with expert knowledge across the whole spectrum of the financing process. As a result of its competencies in loan structuring, its cross-border approach and co-operation with lending partners, pbb is able to complete both complex funding and transactions involving a number of countries.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark 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. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
SOURCE Newmark Group, Inc.
NEW YORK and LONDON, March 10, 2023 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading full-service commercial real estate services business, today announced that it has acquired London-based real estate advisory firm, Gerald Eve LLP (“Gerald Eve“). Gerald Eve operates from nine UK offices across multiple business lines and property types, with particular strength in capital markets, corporate real estate advisory, planning and development, tenant representation, landlord leasing and valuation. The transaction provides Newmark with added depth and breadth of services, augmenting its expansion internationally, including recent acquisitions of investment sales and leasing advisory firms BH2 and Harper Dennis Hobbs, and Paris-based flexible office operator Deskeo. With the acquisition of Gerald Eve, Newmark is positioned to be a market leader in office, logistics and retail in the UK and Europe. Furthermore, with Doug Harmon and Adam Spies recently joining Robert Griffin and Kevin Shannon as Co-Heads of Newmark’s U.S. Capital Markets business, the Company is well positioned to expand its capital markets business outside of the U.S.
“Gerald Eve is a market-leading advisor in the UK,” stated Barry Gosin, Newmark Chief Executive Officer. “Gerald Eve adds momentum to our goal of having more than 10% of Newmark’s revenue generated from outside of the United States by 2025. The closely aligned values and culture of Newmark and Gerald Eve position this combination for continuity and undisputed industry expertise.”
Simon Prichard, Senior Partner, Gerald Eve commented: “Joining a top global commercial real estate services company creates significant growth opportunities for Gerald Eve’s clients and our people. For almost 100 years, we have prided ourselves on our market expertise and commitment to client service and, following record revenue in the latest financial year, Newmark’s backing will further strengthen our capability to operate at the top of our game.”
Gerald Eve advises clients across a wide range of business lines, including capital markets, corporate real estate advisory, asset managementi, tenant representation, planning and development and building consultancy, property management, valuation and business rate advisory. Gerald Eve’s clients include many of the companies listed in the Financial Times Stock Exchange 100 Index, as well as real estate investors, private equity, corporate occupiers and development firms across multiple property types, with particular strength in the industrial, office and alternative sectors.
Through its diverse services, blue-chip client portfolio and nearly 100 years of history, Gerald Eve has a long track record of consistent, strong financial results. In fiscal year 2022, Gerald Eve generated net revenues of £92.7 million (U.S. $111.4 million using current exchange rates).ii Over half of 2022 net revenues were from management services businesses.
Simon Prichard will continue to serve as Senior Partner of the business post-closing, alongside Managing Partner Simon Rees.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
About Gerald Eve, a Newmark company
Gerald Eve, a Newmark company, is an award-winning firm of property consultants, based in the UK with 600 professionals working from nine offices. Gerald Eve, which counts many of the FTSE100 as clients, offers services including occupational and investment agency, planning and development, rating, building consultancy, rent review and lease renewal instructions, compulsory purchase and compensation, valuation and business rates.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark 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. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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i Gerald Eve’s “asset management” business is similar to Newmark’s business in Global Corporate Services. This portion of Gerald Eve’s revenues, along with those from planning and development and building consultancy, property management, and valuation and business rate advisory, will be recorded as part of the Company’s management services business. |
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ii Gerald Eve’s fiscal year 2022 “net revenues” exclude £3.4 million of pass through revenues which equaled their related expenses. “Net revenues” are, therefore, similar to what Newmark refers to “fee revenues.” Gerald Eve’s fiscal year ends on April 5. Based on Bloomberg’s average spot exchange rate of $1.3655 per £1.00 over the period of April 6, 2021, to April 5, 2022, Gerald Eve’s FY 2022 net revenues would have been $126.6 million in U.S. dollars. Using the March 6, 2023 at 4:00 p.m. ET, spot exchange rate of $1.2019 per £1.00, Gerald Eve’s net revenue would have been $111.4 million. |
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SOURCE Newmark Group, Inc.
NEW YORK, Feb. 7, 2023 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading full-service commercial real estate business, has promoted Elizabeth Hart to President of Leasing for the Company’s operating businesses in North America. In this newly created position, Hart will serve on Newmark’s Executive Committee, the Company’s corporate management steering committee, and report to Chief Executive Officer Barry Gosin.
As part of a concerted effort to preserve and deepen Newmark’s collaborative culture as it continues to drive global growth, Hart will work closely with the Company’s professionals to identify and leverage cross-platform synergies, improve efficiencies and drive Newmark’s leasing revenue growth while helping to recruit and retain industry-leading talent. In addition, Hart will coordinate with the Company’s professionals to prioritize and enhance Newmark’s offerings to tenants, landlords and investors.
“As a natural leader, Liz has provided immeasurable value to Newmark through the years. Now, as a member of Newmark’s Executive Committee, her influence, drive and passion for innovation will continue to elevate Newmark’s full spectrum of leasing capabilities, helping to lay the groundwork for the Company’s dynamic future,” said Gosin. “I’m confident that Liz will work hand-in-hand with executive, corporate and regional leaders to achieve our many growth objectives.”
As President of Leasing for North America, Hart is responsible for driving the overarching strategy of the leasing business. She will work closely with leadership to form Newmark’s Leasing Executive Committee and with Newmark’s Global Corporate Services Group to grow the tenant representation platform, including building on existing advisory services and tools that address clients’ distributed workforce flex office needs. Additionally, Hart will work alongside Newmark’s Chief Information Officer, Sridhar Potineni, to leverage the Company’s sophisticated technology infrastructure and identify opportunities and solutions to benefit our advisors and clients.
Neil Goldmacher, Chairman of the firm’s tenant representation practice, added, “Liz’s comprehensive knowledge of the industry and our clients’ needs and her thorough involvement in our platform, service lines and team, combined with her focused energy make her the ideal leader to continue to elevate our practice. I am excited to work with Liz to further grow our business.”
With nearly 20 years of experience, Hart has completed transactions totaling close to 35 million square feet and over $4.2 billion in value on behalf of owners and tenants, ranging from independent entrepreneurs to members of the Fortune 50. Hart is uniquely equipped to anticipate the specific real estate challenges companies face at every stage of their life cycle and is a proven expert in zoning and entitlement processes, having represented numerous large-block developments and skyline-defining projects.
Hart also headed up Newmark’s Technology & Innovation Practice Group, a group of specialized advisors focused on the Technology, Advertising, Media and Information (TAMI)/Technology, Media and Telecom (TMT) sector.
Hart joined Newmark in 2005 and quickly climbed the ranks. She is ranked among the Top Producers in the Bay Area. Hart, a champion for the value created by working with inclusive, diverse teams, is one of the top-ranked women nationally in the commercial real estate brokerage industry.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark 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. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
SOURCE Newmark Group, Inc.
