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Newmark Completes Spin-off from BGC
Newmark Group Inc., which operates under the Newmark Knight Frank name, has completed its spin-off from Howard Lutnick’s BGC Partners. The distribution of BGC-held stock to Newmark Group shareholders occurs about a year after Newmark’s $280-million IPO.
The move formally ends an ownership that began with BGC’s acquisition of NKF in 2011. The following year, BGC bought services firm Grubb & Ellis and merged it into NKF, creating what was then known as Newmark Grubb Knight Frank.
Since then, NKF, led by chairman Barry Gosin, has expanded its platform through strategic acquisitions. It acquired Apartment Realty Advisors, later rebranded as ARA, in 2014, and Berkeley Point Financial in 2017. This past October, the company combined ARA and Berkeley Point under one brand.
Earlier this year, NKF acquired retail brokerage RKF Retail Holdings, with RKF founder Robert K. Futterman leading what’s now known as Newmark RKF.
Pictured: NKF headquarters in Midtown
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