Newmark Grubb Knight Frank Parent, BGC Partners, Inc., Acquires Smith Mack in Philadelphia
Leading regional firm joins with one of the country's preeminent real estate services providers
NEW YORK, Jan. 2, 2013 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC"), a leading global brokerage company primarily servicing the wholesale financial and real estate markets, has acquired Smith Mack, a prominent commercial real estate services company in Philadelphia, Pa., and the surrounding region. The acquisition of Smith Mack, a partner of Newmark Grubb Knight Frank (NGKF) since 2009, enhances NGKF's dominance in the region. Financial details of the transaction were not disclosed.
NGKF CEO Barry M. Gosin said, "Smith Mack has experienced the benefits of the dramatic transformation that has taken place since Newmark Knight Frank and Grubb & Ellis were acquired by BGC Partners. Aside from being a terrific partner that helped us secure a leading position in the Greater Philadelphia region, its desire to join NGKF is confirmation that our expanded platform offers clients the best real estate solutions in the industry."
Smith Mack's founding partners Sidney (Sid) Smith, Jeff Mack and Reid Blynn have been named executive managing directors of Newmark Grubb Knight Frank. The team will be accompanied by virtually all of Smith Mack's existing brokerage and advisory professionals who will occupy offices in downtown Philadelphia; Wayne, Pa.; Wilmington, Del.; and Marlton, N.J., with the NGKF professionals. The combined multi-disciplinary competencies include tenant brokerage, ownership representation, investment sales, corporate advisory services, property and facilities management, market research and lease administration, as well as unparalleled capital markets resources and capabilities through BGC's relationships with Cantor Fitzgerald and Cantor Commercial Real Estate.
"We are so excited to join with Newmark Grubb Knight Frank," Mr. Smith said on behalf of the Smith Mack firm. "The evolution to merge into NGKF was natural because our experience as a partner was highly productive, and was seen as an enhancement by our clients. In addition, the seamless combination of Smith Mack and the talent base that is now NGKF as a result of the Grubb acquisition could not be more synergistic. Our clients will benefit from more robust service offerings and our professionals' continued personal commitment to their success."
The Philadelphia region of NGKF is managed by industry veteran J. Robert Clements, executive vice president and managing director. Mr. Clements, alongside the Smith Mack partners and the legacy Grubb team are eager to embark upon the next phase of growth and consolidate their hold as a dominant player in the greater Philadelphia market.
Mr. Clements said, "There is not another group of brokers in this market that could complement us so precisely. BGC's commitment to building up a powerhouse platform already has significantly strengthened our capability to service clients and we are winning market share in the greater Philadelphia marketplace as a result."
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank employs more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents.
Newmark Grubb Knight Frank's integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark Grubb Knight Frank is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.
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SOURCE Newmark Grubb Knight Frank
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