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Newmark is pleased to announce that it has successfully negotiated a long-term lease expansion and renewal totaling 271,200 square feet at 1331-1337 Schiferl Road, Bartlett, Illinois. This 271,200-square-foot speculative industrial building, located within Brewster Creek Business Park, is now 100% leased. Senior Managing Directors Adam Marshall, SIOR, CCIM and Elise Couston, SIOR, along with Director Mark Deady, CCIM, in the company’s Chicago office, recently completed the transaction on behalf of Barings Real Estate, part of Barings LLC, on behalf of an institutional investor.
“We are extremely pleased that the existing tenant has expanded its footprint and entered into a long-term lease at 1331-1337 Schiferl Road,” said Michael Zammitti, Head of U.S Real Estate Equity at Barings. “The Newmark team has done an excellent job overseeing the property lease up and management and we look forward to our continued relationship as we add our second investment in the Brewster Creek Business Park.”
1331-1337 Schiferl Road features 32-foot clear ceilings, 36 exterior docks, and four drive-in doors. The property is located within Brewster Creek, a premier 670-acre, mixed-use business park in DuPage County. Newmark previously represented the developer, Ridge Development, in the original lease and sale of the property to Barings, when the building was completed in 2016. The tenant is now renewing and expanding its lease to occupy the remaining 87,051 square feet of vacancy within the building. Newmark also manages the property and will provide project management oversight on behalf of the landlord for the construction of the expansion space.
Barings Alternative Investments (BAI), part of Barings LLC, is a 400+ associate team located across 11 countries that manages $52.6 billion in client capital. BAI seeks differentiated sources of returns by incorporating decades of investment experience in alternative assets offering investors access to a diverse range of opportunities across private equity, real assets, asset-based investments and the four quadrants of real estate. We serve as a trusted partner to clients, leveraging our global presence and robust origination capabilities to identify the most attractive risk-adjusted return opportunities. As a leading global real estate investor and asset manager, the Barings Real Estate team offers a broad range of investment opportunities across the public and private debt and equity markets, investing across property sectors with a focus on global relative value and trend-backed preferred strategies.
About Barings
Barings is a $304+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. Part of MassMutual, Barings maintains a strong global presence with over 1,800 associates and offices in 16 countries. Learn more, at www.barings.com.
*As of December 31, 2017.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and Newmark Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document 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. 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 and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.