BGC Partners, Inc. has acquired Smith Mack, a prominent commercial real estate services company in Philadelphia 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 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, Penn.; Wilmington, DE; and Marlton, NJ, 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," 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.
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."
Denver, CO BGC Partners, Inc. has acquired Frederick Ross Company, the oldest full-service commercial real estate firm in Denver and partner of Newmark Grubb Knight Frank (NGKF) since 2010. Financial details of the transaction were not disclosed.
NGKF CEO Barry Gosin said, "Frederick Ross Company has built an outstanding reputation in the Denver market and its desire to join NGKF is confirmation that our expanded platform offers clients the best real estate solutions in the industry. The team has benefited from the transformation that has taken place since Newmark and Grubb & Ellis became part of BGC and we will continue to work collaboratively to grow our presence in this important market. Personally, it's exciting to have a vision and clear objective to deliver the best solutions for our clients, and to see these come together with the addition of such a complementary group of professionals led by Jack Box and Kevin McCabe."
Jack Box, one of the region's most respected leaders and visionaries in commercial real estate, has served as president and chief executive officer of Frederick Ross Company for 24 years and will assume the title of chairman for this NGKF region.
"My relationship with Newmark dates back to the 1990s and I've always had a great deal of respect for the expertise and commitment the firm brings to each and every assignment," said Box. "I've worked closely with executive management and know that our company values and integrity run parallel. I can say with confidence that the Frederick Ross Company's 125-year legacy is in great hands, and the future never looked better."
Kevin McCabe, who is credited with growing the Denver office brokerage division by 45 percent since his arrival in 2011, has been appointed executive vice president and managing director for Colorado.
"This is an incredibly exciting time to join Newmark Grubb Knight Frank because the company's platform is unmatched in the industry," said McCabe. "Our clients will benefit from a seamless integration and a dynamic business plan aimed at additional regional, national and international service capabilities, including unparalleled capital markets resources and offerings through BGC's relationships with Cantor Fitzgerald and Cantor Commercial Real Estate." Tags: