NEW YORK, June 19, 2019 /PRNewswire/ --Newmark Group, Inc. (NASDAQ: NMRK) ("Newmark Group"), which operates a leading, global, full-service commercial real estate services business, Newmark Knight Frank ("NKF"), today announced that it has acquired Utah market leader ACRES, which has operated as Newmark Grubb ACRES through an alliance agreement with NKF. ACRES' Southwest footprint includes Utah offices in Salt Lake City, Davis/Weber County and Utah County, and additional presence in Boise, Idaho and Reno, Nevada.
Acquiring ACRES further strengthens Newmark Group's position in the Southwest, solidifying its market share in a key region experiencing robust demand for commercial real estate services.
"NKF's commitment to acquiring the best expertise in key markets and regions, underscores our focus on expanding local and national service offerings and ACRES fits soundly into our platform of comprehensive services designed to meet the complex and diverse needs of clients," stated Barry Gosin, Newmark Group CEO. "With its prominence in industrial, office and capital markets and the growth opportunities in the Salt Lake City Market and the 'Silicon Slopes,' ACRES is an important addition to NKF."
"ACRES has wholeheartedly embraced NKF's diversified national platform and global reach, which has created opportunities for providing greater market coverage and depth of services to its clients, many of which are local and regional investors. Leading operational and recruiting efforts locally will be Managing Director Nick Wood, who has been with ACRES for nearly two decades and has extensive experience on both the brokerage and operations side," added Greg May, NKF Executive Vice President and West Region Market Leader. "ACRES' success since taking on the Newmark name is a tremendous example of how burgeoning companies thrive under the NKF brand."
Founded by Mike Falk, Kyle Roberts, Paul Keyser, Zach Anderson, and Steve Condie in 2000, ACRES has grown to a total of five offices and upwards of 45 broker professionals providing landlord and tenant representation, investment sales and asset management services to nearly 10 million square feet, focusing on the Utah, Boise and Reno markets.
"NKF's platform bolsters our strength across service lines and is particularly advantageous to our capital markets professionals and clients. We are thriving under the NKF brand," commented Kyle Roberts, CCIM, SIOR, Executive Managing Director. "I'm looking forward to new opportunities after our acquisition by NKF, including further perfecting our client service delivery while escalating our business operations and continuing to build our team of talented professionals."
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.
Discussion of Forward-Looking Statements about Newmark Group Statements in this document regarding Newmark Group 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 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 Group's Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.