Newmark Group, Inc. Acquires Leading London Firm Harper Dennis Hobbs, Strengthens Retail Presence in Global Cities
NEW YORK, Dec. 20, 2019 /PRNewswire/ -- Newmark Group, Inc. (NASDAQ: NMRK) ("Newmark"), which operates a leading, global full-service commercial real estate services business, is pleased to announce the acquisition of retail specialist Harper Dennis Hobbs Holdings Limited ("HDH"), a market-leading real estate advisory firm based in London.
The acquisition of HDH adds a strong presence in London for Newmark, a market leader in New York and Los Angeles. In 2019, Newmark ranked as the #1 brokerage firm in Manhattan by retail deal volume, outpacing its closest competitor by nearly 40 percent*, leasing over 1.1 million square feet of retail space**, and will now expand its capabilities to service the robust activity of European tenants seeking access to the North American consumer.
"With every acquisition we look to refine our key service offerings and areas of expertise to meet the diverse and fast-changing needs of our clients who increasingly seek to evolve on a global stage," said Barry Gosin, Newmark's CEO. "Acquiring Harper Dennis Hobbs is an essential strategic investment for Newmark as we begin to scale our domestic retail practice to offer a world-wide level of enterprise resources."
Founded in 1993, HDH has experienced consistent organic growth and has become a go-to advisor on tenant-focused real estate advisory services for an extensive collection of blue-chip clients including: Belstaff, Five Guys Burgers & Fries, J. Crew, Louis Vuitton, Samsung, Skechers, Tiffany & Co. and West Elm.
"Our decision to align with another firm required cultural similarity and business savvy for service. Newmark, as a growing enterprise, exceeded our expectation with their impressive platform of retail clients and resources," said HDH Chairman David Harper. "For more than a decade of client solutioning and collaborative referrals, we have built long-standing relationships with Newmark and its brokers," added HDH CEO James Ebel. "Newmark's investment in this dynamic industry provides our business with access to a deeper and diverse network of retail expertise, across borders."
Newmark Group and HDH currently share many client synergies with companies such as Canada Goose, Carolina Herrera, Dylan's Candy Bar, Columbia, Michael Kors, Peloton, PF Chang's, Swarovski and Watches of Switzerland. Working with many of the world's most successful retailers across consumer and lifestyle brands, from international brands to start-up companies, HDH has grown to a headcount of more than 50 people, including 30 brokers and staff. The acquired business will continue to operate as Harper Dennis Hobbs.
*Bockmann, R. (2019). Knighting a new retail ruler. The Real Deal. https://therealdeal.com/issues_articles/knighting-a-new-retail-ruler/
**Newmark Research
About Newmark Group, Inc.
Newmark Group, Inc. ("Newmark Group") is a publicly traded company that, through subsidiaries, operates as a full-service commercial real estate services business with a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry. Under the Newmark Knight Frank name, the investor/owner services and products of Newmark Group's subsidiaries include capital markets (comprised of investment sales and mortgage brokerage), agency leasing, property management, valuation and advisory, diligence and underwriting. Newmark Group's subsidiaries also offer government sponsored enterprise lending, loan servicing, debt and structured finance, and loan sales. Newmark Group's occupier services and products include tenant representation, global corporate services, real estate management technology systems, workplace and occupancy strategy, consulting, project management, lease administration and facilities management. Newmark Group enhances these services and products through innovative real estate technology solutions and data analytics designed to enable its clients to increase their efficiency and profits by optimizing their real estate portfolio.
Newmark Group has 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. Newmark Group's Class A common stock trades on the NASDAQ Global Select Market under the ticker symbol "NMRK". Newmark is a trademark/service mark and/or registered trademark/service mark of Newmark Group and/or its affiliates. Knight Frank is a service mark of Knight Frank (Nominees) Limited. Find out more about Newmark at http://www.ngkf.com/, https://twitter.com/newmarkkf, https://www.linkedin.com/company/newmark-knight-frank/, and/or http://ir.ngkf.com/investors/investors-home/default.aspx.
About Harper Dennis Hobbs
Harper Dennis Hobbs has been providing independent, strategic retail advice for over 26 years. Headquartered in London but offering a global service, its team of real estate professionals offer an end to end solution for retailers, providing quality, consistent, market-leading advice to everything from the world's leading brands, to the smallest start-ups.
The firm is one of the largest tenant-representation agencies in Europe, offering services ranging from retail agency and investment for leisure, travel, offices, and out of town clients, to strategic retail consulting and advice on business rates and leasing. Harper Dennis Hobbs has fostered extremely close relationships with its clients; each receiving a tailored, Director-level service from the industry's most experienced retail and property professionals. For more information, visit http://hdh.co.uk/.
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 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.
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