8:43 AM
BGC Partners, Inc. (NASDAQ: BGCP) (“BGC Partners,” “BGC,” or “the Company”), a leading global brokerage company servicing the financial and real estate markets, today announced that it has entered into an agreement to acquire Excess Space Retail Services, Inc. (“Excess Space”). Excess Space is a premier provider of real estate disposition, lease restructuring and lease renewal services, as well as related valuations for retailers nationwide and currently advises on 35.6 million square feet of retail space in North America. Since its establishment, Excess Space has generated an estimated $4 billion in cost savings for clients. Upon close, the acquisition is expected to complement and drive future growth opportunities within Newmark Grubb Knight Frank (“NGKF”) Global Corporate Services. Financial details of the transaction were not disclosed.
“We are pleased to announce this transaction which completes the full spectrum of retail occupier services offered within our Global Corporate Services business,” commented Barry M. Gosin, Chief Executive Officer of NGKF. “Excess Space is a dominant force in the niche area of real estate dispositions and lease restructurings for retailers, they have an excellent industry reputation, and their business of moving rapidly and efficiently to assist clients in healthy and distressed situations complements our own services. This union creates a full array of seamless, value-driven services for our clients and elevates our competitive offering to new heights.”
Excess Space advises some of the nation’s leading supermarkets, drug stores, department stores, home furnishings companies, banks, and restaurants in a range of services, including dispositions of both leased and fee simple property, lease restructurings and related valuations. In the past two decades it has grown rapidly becoming a leading provider of these services. Its headquarters are in Long Island, New York.
Michael Ippolito, Chairman of Global Corporate Services at NGKF commented, “Excess Space is admired for its extensive disposition and lease restructuring experience. It works with top retailers across the nation in critical business situations, offering invaluable services that can be scaled to new clients. We are confident that the acquisition of Excess Space will enhance our business, strengthen the services within our global Retail platform, and bring value to our clients.”
“Retail is evolving rapidly and today’s retailers face complex opportunities and challenges on multiple fronts. We are thrilled to become part of NGKF and deliver enhanced value to our clients as the retail landscape continues to shift,” said Michael S. Wiener, Founder and President of Excess Space. “In partnership with NGKF’s Global Corporate Services retail business we can deliver stronger solutions across the entire lifecycle of clients’ store portfolios, including: strategic planning and revenue modeling; new store rollout management; project management; and lease administration. These services, combined with our existing disposition and lease restructuring competencies, create a compelling offering to our clients and the broader retail marketplace.”
About Excess Space Retail Services, Inc.
Excess Space Retail Services, Inc. is a premier consulting and advisory firm dedicated to real estate disposition and lease restructuring (e.g., rent reductions) for retailers throughout the US and Canada. Excess Space is a conduit in maximizing the evolving real estate needs of its clients. Excess Space has offices in Lake Success, New York and Huntington Beach, California and was founded in 1992 by Michael Wiener, President.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com. NGKF is a part of BGC Partners, Inc.
About BGC Partners, Inc.
BGC Partners is a leading global brokerage company servicing the financial and real estate markets. Products include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commercial real estate, commodities, futures, and structured products. BGC also provides a wide range of services, including trade execution, broker-dealer services, clearing, processing, information, and other back-office services to a broad range of financial and non-financial institutions. Through its BGC Trader and BGC Market Data brands, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. BGC is the majority-owner of GFI Group Inc. (OTC: GFIG), a leading intermediary and provider of trading technologies and support services to the global OTC and listed markets. Through the Newmark Grubb Knight Frank brand, BGC offers a wide range of commercial real estate services, including leasing and corporate advisory, investment sales and financial services, consulting, project and development management, and property and facilities management. BGC’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, property owners, real estate developers, and investment firms. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: 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 (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com.
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Discussion of Forward-Looking Statements by BGC Partners
Statements in this document regarding BGC Partners’ business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. Except as required by law, BGC undertakes no obligation to release any revisions to 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 BGC’s Securities and Exchange Commission filings, including, but not limited to, the risk factors set forth in our public filings, including our most recent Form 10-K and any updates to such risk factors contained in subsequent Form 10-Q or Form 8-K filings.