• 1-800-123-789
  • info@webriti.com

Category ArchiveJeff Gural

Newmark Goes Public with Offering on Nasdaq

Global brokerage BGC Partners listed its subsidiary real estate brokerage and advisory firm Newmark Group as a publicly traded entity today with an initial public offering.

BGC Partners Chairman and Chief Executive Officer Howard Lutnick (who is also chairman of Newmark) and Newmark CEO Barry Gosin rang the opening bell at the Nasdaq in Times Square, where Newmark is listed under “NMRK.”

“This is a pivotal moment for us. I look forward to the future,” Gosin, who has been CEO of Newark since 1979, said at the IPO. “I couldn’t be more excited about where we are going. I certainly know where we came from, which we’ll never forget. But where we are going is incredibly exciting.” 

Newmark is offering 20 million shares with an offering price of $14 per share. The company filed public documents Thursday that showed it previously was expecting $19 to $22 per share. Also, it was expected to offer 30 million shares.

The IPO is expected to close on or about Dec. 19, according to a BCG Partners release. At closing, BGC anticipates it will own about 85.3 percent of the shares of Newmark’s Class A stocks. BGC will hold all Class B stocks, giving the company approximately 93.2 percent of the total voting power for Newmark.

Goldman Sachs & Co., Bank of America Merrill Lynch, Citigroup and Cantor Fitzgerald & Co. are bookrunners for the public offering.

Newmark includes Newmark Knight Frank and mortgage lender Berkeley Point Capital. (BGC Partners picked up Berkeley Point, a 30-year-old company, in September for $875 million.)

The family firm began as Newmark & Co. in 1929. In 2005, it formed a partnership with London-based Knight Frank, thereafter becoming Newmark Knight Frank.

BGC acquired Newmark Knight Frank for an undisclosed amount in 2011. The following year, the company acquired brokerage Grubb & Ellis, and merged to become Newmark Grubb Knight Frank. (Earlier this year, it dropped “Grubb” from its name in a run up to become a public company, and Jeff Gural stepped down as chairman.)

Currently, Newmark has more than 4,600 employees and independent contractors in more than 120 offices and 90 cities in the United States, according to its latest public filings. The company also disclosed it had revenues of $1.3 billion in 2016 and through the end of the first nine months of 2017 the company had $1.1 billion in revenue.

“Our numbers will be clear. Our profits will be crystal clear. The comparisons will be clear. And no longer will Newmark ever be part of the small scrappy crowd fighting to get up to the top,” Lutnick said. “It will be crystal clear to everybody starting today and for every quarter going forward that Newmark is not only amongst the best, but is the fastest growing, is the most capable, has the most interesting things to say at every pitch. And they will know why you win.”


Source: commercial

Owners Magazine 2017: Interviews with NYC’s Top Landlords

owners 02 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 03 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 04 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 05 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 06 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 07 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 08 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 09 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 10 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 11 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 12 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 13 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 14 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 15 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 16 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 17 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 18 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 19 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 21 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 20 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 22 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 23 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 24 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 25 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 26 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 27 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 28 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 29 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 30 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 31 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 32 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 33 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 34 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 35 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 36 Owners Magazine 2017: Interviews with NYCs Top Landlords
owners 37 Owners Magazine 2017: Interviews with NYCs Top Landlords

At the risk of stating the forehead-slapping obvious, it’s been a strange 12 months.

There’s been a mixture of good and bad real estate news that can paint a picture of continued stability or darkening clouds on the horizon, depending on your point of view.

By October, the vacancy rate in all three major Manhattan markets for office space appeared to be falling, per Cushman & Wakefield data. Hundreds of thousands of square feet have been leased by Spotify, GroupM, Amazon and others. All of that is inarguably good news.

However, a year ago, few people knew that we were sitting on a retail powder keg ready to blow and take some of the biggest names in the industry with it, like Toys “R” Us, Aerosoles, Payless, Radio Shack…you get the idea. This is inarguably bad.

This is one of the reasons why it’s important to have a magazine like this one.

Yes, the data, the deals and the numbers are critical to understanding the state of real estate. But it’s also important to get a sense of what the key players are thinking right now. That’s why we asked 36 of the biggest names in the business what their vision of the market looks like.

We’ve supplemented these questionnaires with our own reported features.

Last year, New York was considered immune to the vicissitudes of the world economy because we were always a safe, stable place to park cash. That looked like less of a sure bet when China announced new outbound investment rules. Lauren Elkies Schram examines the topic in her story in this issue.

Some in the real estate community long hoped for a challenge to Mayor Bill de Blasio in this year’s mayoral election and put substantial money behind Paul Massey (one of their own) to take the reins of City Hall before that fizzled out. At the risk of propagating a Dewey-Truman blooper (we ship this magazine before Election Day), Aaron Short reported what developers are expecting and hoping for in de Blasio’s second term.

While many developers have spent the last few years touting the Far West Side of Manhattan, there is actually quite a bit of activity on the East River, something that Rey Mashayekhi examines in depth.

Finally, Liam La Guerre looked at something that’s always been written off as anathema to real estate developers: technology. It turns out, the shrewd owners are not only interested in tech, but they’re also developing their own. — Max Gross 


Source: commercial