Newmark Acquires Top UK-Based Real Estate Advisory Firm Gerald Eve
Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading full-service commercial real estate services business, today announced that it has acquired London-based real estate advisory firm, Gerald Eve LLP ("Gerald Eve"). Gerald Eve operates from nine UK offices across multiple business lines and property types, with particular strength in capital markets, corporate real estate advisory, planning and development, tenant representation, landlord leasing and valuation. The transaction provides Newmark with added depth and breadth of services, augmenting its expansion internationally, including recent acquisitions of investment sales and leasing advisory firms BH2 and Harper Dennis Hobbs, and Paris-based flexible office operator Deskeo. With the acquisition of Gerald Eve, Newmark is positioned to be a market leader in office, logistics and retail in the UK and Europe. Furthermore, with Doug Harmon and Adam Spies recently joining Robert Griffin and Kevin Shannon as Co-Heads of Newmark's U.S. Capital Markets business, the Company is well positioned to expand its capital markets business outside of the U.S.
"Gerald Eve is a market-leading advisor in the UK," stated Barry Gosin, Newmark Chief Executive Officer. "Gerald Eve adds momentum to our goal of having more than 10% of Newmark's revenue generated from outside of the United States by 2025. The closely aligned values and culture of Newmark and Gerald Eve position this combination for continuity and undisputed industry expertise."
Simon Prichard, Senior Partner, Gerald Eve commented: "Joining a top global commercial real estate services company creates significant growth opportunities for Gerald Eve's clients and our people. For almost 100 years, we have prided ourselves on our market expertise and commitment to client service and, following record revenue in the latest financial year, Newmark's backing will further strengthen our capability to operate at the top of our game."
Gerald Eve advises clients across a wide range of business lines, including capital markets, corporate real estate advisory, asset managementi, tenant representation, planning and development and building consultancy, property management, valuation and business rate advisory. Gerald Eve's clients include many of the companies listed in the Financial Times Stock Exchange 100 Index, as well as real estate investors, private equity, corporate occupiers and development firms across multiple property types, with particular strength in the industrial, office and alternative sectors.
Through its diverse services, blue-chip client portfolio and nearly 100 years of history, Gerald Eve has a long track record of consistent, strong financial results. In fiscal year 2022, Gerald Eve generated net revenues of £92.7 million (U.S. $111.4 million using current exchange rates).ii Over half of 2022 net revenues were from management services businesses.
Simon Prichard will continue to serve as Senior Partner of the business post-closing, alongside Managing Partner Simon Rees.