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Minkoff Development Makes First Virginia Acquisition with Purchase of Five-Building Portfolio in Avion Business Park; Plans Renovations and New Amenities

NKF Hired to Lease Office/Flex Portfolio Near Dulles International Airport

McLean, VA (07/30/2019)

9:30 AM

Newmark Knight Frank (NKF) announces that Minkoff Development (Minkoff) has entered the Northern Virginia market with its purchase of a portfolio of buildings within the Avion Business Park. The purchase includes five flex/industrial and office buildings located in a Class A business park in Chantilly, Virginia. Headquartered in Germantown, Maryland, Minkoff Development is one of the premier office and industrial developers in Montgomery and Prince Georges Counties.

The portfolio includes: office buildings at 14500 Avion Parkway and 14520 Avion Parkway; and flex/industrial buildings at 14700 Avion Parkway, 3635 Concorde Parkway and 3650 Concorde Parkway. Minkoff is adding a shared conference facility and tenant lounge with a micro-market at 14500 Avion Parkway overlooking the pond. These new amenities along with an existing fitness facility are open to all tenants within the portfolio. Minkoff will also be introducing modern spec suites to the office buildings.

"We've been working in Maryland since 1972 and have been looking for the right opportunity in Virginia," said Co-President Andy Chod of Minkoff Development. "Since this is our first investment in Northern Virginia, we are excited to partner with a seasoned team at Newmark Knight Frank who have consistently demonstrated success in the Route 28 Corridor in both product types."

NKF Executive Managing Director Andy Klaff, Managing Director Jeff Tarae and Associate Dominic Orcino will handle the leasing of the office buildings. Executive Managing Director Larry FitzGerald and Director Cole Spalding are overseeing the leasing of the flex buildings.

"Adding much needed amenities to Avion Business Park will differentiate this project from the competition and provide tremendous value to the current and prospective tenants," said Andy Klaff, NKF. "Minkoff Development is a local, hands-on owner that will work with companies to meet their immediate and long-term real estate needs."

Centrally located just west of the Route 50 and Route 28 interchange at the south tip of Dulles Airport, Avion Business Park enjoys an easily accessible location, which allows employers to tap into a very well-educated labor pool that includes one of the highest concentrations of tech jobs in the country. It is close to numerous restaurants, including Potbelly, Five Guys, Starbucks, Red Robin, Chipotle, Famous Dave's and Wendy's.

"The Minkoff portfolio provides diverse office and R&D space options, which are ideal for companies that require proximity to the National Reconnaissance Office, FBI and Central Intelligence Agency campuses" said Larry FitzGerald, NKF.

About Minkoff Development
Since 1972, Minkoff has created jobs for communities and built homes for businesses in Montgomery and Prince George's Counties. Locally run from its headquarters in Germantown, Maryland, Minkoff is a family-owned real estate firm that offers services spanning development, construction, management and leasing. Minkoff's in-house capabilities enable it to provide its large array of tenants with efficient, responsive and value-oriented service. Minkoff focuses on forging lasting relationships with its tenants, and takes tremendous care of them, as well as their buildings. It's real estate from a personal perspective.

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. 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. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group 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 Group 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 Group'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.

For Media Inquiries Contact:
Deb Bergman
Vice President PR and Communications
Newmark Knight Frank
T 303.260.4307