Commercial brokerage Newmark, which has a Melville office, is being bought by another Manhattan-based outfit, BGC Partners, a global broker in the wholesale financial markets.
The deal will allow Newmark, which went by the name Newmark Knight Frank in this country, to offer more services and BGC Partners to expand its real estate services worldwide by taking on 425 Newmark brokers.
“It allows the company to grow and more effectively compete in the marketplace, because we have more capital resources,” said Brian Lee, above left, a principal at Newmark Knight Frank’s Melville office.
He expects the new business to expand its retail and investment services, especially as foreclosures take their toll on the commercial and retail real estate end. That also might also lead to the hiring of more building management to take care of investment properties, he said.
Howard W. Lutnick, BGC’s chairman and chief executive, said getting experienced brokers and taking on new markets have been the engines driving the company’s $1.3 billion revenues.
“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,” Lutnick said in a press release.
“Both BGC and Newmark count the world’s leading banks and investment banks as clients, and we see exciting opportunities for cross-marketing.”
Newmark’s top executives will become BGC partners.
Read more of Inside Long Island Business