Newmark Acquires Renowned North American Retail Advisory Business, Open Realty
NEW YORK and DALLAS, May 3, 2022 /PRNewswire/ -- Newmark Group, Inc. (NASDAQ: NMRK) ("Newmark") announces the acquisition of industry-leading North American retail real estate advisory firms Open Realty Advisors and Open Realty Properties ("Open Realty"). Open Realty will join Newmark's Retail Services business line with an extensive national and global top-tier client roster, and its founders will assume significant leadership roles to expand Newmark's global retail footprint.
"This acquisition underscores Newmark's commitment to brick-and-mortar retail—a foundational and enduring component of the global commercial real estate landscape. Providing top-level services to retail clients is more important than ever as the sector plays a critical role in revitalizing the economy," said Newmark Chief Executive Officer Barry Gosin. "Acquiring Open Realty, an authority on brand-building in retail real estate, is Newmark's next move to being the most knowledgeable, well-connected retail advisory firm in the U.S. and beyond."
Open Realty is led by Mark Masinter, who heads the firm's macro strategy and business development, Johnny Siegel, who spearheads tenant advisory services and asset management strategies for clients, and Steve Merkle, who co-leads tenant advisory business endeavors. Masinter and Siegel join Newmark as Chairman of Global Retail and President of Global Retail, respectively; Merkle joins as Vice Chairman.
"With over 35 years of experience growing brands, executing roll-out strategies, and developing and investing in real estate, both domestic and international, we are honored to have garnered the trust and respect of the very best retail clients and institutional investors in the world at Open Realty," stated Masinter. "Integrating with the Newmark platform—building on the company's vision and articulating that vision to the retail, restaurant, entertainment and real estate communities—is an exciting, standard-setting venture. We couldn't be more bullish on the future of retail."
"Open Realty's and Newmark's client-service standards are in perfect alignment, prioritizing thoughtful and deliberate tenant advisory and a holistic approach to real estate. We see assignments through the lens of each stakeholder, having worked in every aspect of the real estate process; and the same can be said of Newmark's breadth and depth of retail services. We look forward to leveraging the infrastructure, technology and collaborative opportunities of an expanded platform," said Siegel.
Open Realty specializes in tenant strategic planning, site identification, lease negotiation, project administration, construction and design facilitation, portfolio maintenance and site disposition, as well as project-specific expertise in acquisition consultation, project design and site development, merchandising, project leasing and asset management, and overall market and financial analysis.
The Open Realty acquisition—which closed May 3, 2022—is part of Newmark's larger expansion strategy, scaling up its service offerings in key markets, nationally and globally. Newmark's recent announcements include acquisitions, hires and agreements across key global markets, including France, Germany, Poland, Hungary, Hong Kong, Dubai and London, with the recent acquisition of real estate advisory firm BH2, and in the U.S., where the firm acquired Boston-based McCall & Almy. In the retail space, Newmark's acquisitions include London-based Harper Dennis Hobbs ("HDH"), New York-based RKF and ExcessSpace, in 2019, 2018 and 2015, respectively.
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 nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,300 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.
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