BGC Partners Inc. closed its acquisition of Grubb & Ellis Co. assets, after the U.S. Bankruptcy Court for the Southern District of New York approved the transaction.
BGC will now combine the previously acquired commercial real estate firm Newmark Knight Frank with Grubb & Ellis under the name Newmark Grubb Knight Frank. The full-service commercial real estate platform will include existing Newmark Knight Frank and Grubb & Ellis professionals, plus more than 50 top-producing brokers Newmark Knight Frank has hired over the past several months.
“With more than 100 offices in North America, 250 million square feet in property and facilities management and an outstanding national appraisal business, the creation of Newmark Grubb Knight Frank is a game-changing moment in the real estate industry,” said Michael Lehrman, global head of real estate at BGC, in a statement.
Barry Gosin, now CEO of Newmark Grubb Knight Frank, added, “Our value proposition embraces a portfolio of management services, capital markets, corporate services, investment sales, leasing, tenant and landlord representation, property and facilities management, industrial engineering, appraisal and valuation services. In short, it’s a fresh and comprehensive way of identifying creative, fully integrated solutions to meet clients’ complex real estate objectives by applying BGC’s capital, management and technology as we enlarge the scale of our real estate services platform and expand into new markets.”