New York, NY and London, UK (March 10, 2023) — 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 management, 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). 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.
“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."
Simon Prichard, Senior Partner, Gerald Eve
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. For the year ending December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30 2024, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
About Gerald Eve, a Newmark company
Gerald Eve, a Newmark company, is an award-winning firm of property consultants, based in the UK with 600 professionals working from nine offices. Gerald Eve, which counts many of the FTSE100 as clients, offers services including occupational and investment agency, planning and development, rating, building consultancy, rent review and lease renewal instructions, compulsory purchase and compensation, valuation and business rates.
Discussion of Forward-Looking Statements about Newmark
Statements on this webpage 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.
Gerald Eve’s “asset management” business is similar to Newmark’s business in Global Corporate Services. This portion of Gerald Eve’s revenues, along with those from planning and development and building consultancy, property management, and valuation and business rate advisory, will be recorded as part of the Company’s management services business.
Gerald Eve’s fiscal year 2022 “net revenues” exclude £3.4 million of pass through revenues which equaled their related expenses. “Net revenues” are, therefore, similar to what Newmark refers to “fee revenues.” Gerald Eve’s fiscal year ends on April 5. Based on Bloomberg’s average spot exchange rate of $1.3655 per £1.00 over the period of April 6, 2021, to April 5, 2022, Gerald Eve’s FY 2022 net revenues would have been $126.6 million in U.S. dollars. Using the March 6, 2023 at 4:00 p.m. ET, spot exchange rate of $1.2019 per £1.00, Gerald Eve’s net revenue would have been $111.4 million.
Newmark Press Contact:
Deb Bergman
Tel. +1 303 260 4307
Gerald Eve, UK Press Contact:
Damian Wild
Tel. +44 7730 301 985
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