The transaction, which encompasses approximately 425 Newmark brokers and includes Newmark’s New York business as well as a majority interest in over 25 other domestic offices and certain of its affiliates, will be immediately accretive to BGC.
BGC chairman and CEO Howard Lutnick said this is the beginning of a dramatic new footprint in commercial real estate by BGC, and the definitive starting point of BGC’s strategy to grow in this sector.
Newmark’s management, led by CEO Barry Gosin, are expected to become partners in BGC upon the closing of the acquisition.
Gosin will continue to oversee Newmark’s day-to-day business as CEO, and will report to Lutnick.
Cantor Fitzgerald & Co., an affiliate of Cantor Fitzgerald, L.P., acted as an adviser in connection with this transaction. Miller Buckfire advised Newmark on this transaction.
