Newmark Group has confirmed its takeover of Gerald Eve.
The deal will see Nasdaq-listed Newmark buy the London-based agency for an undisclosed sum. Gerald Eve senior partner Simon Prichard will remain in his role, as will managing partner Simon Rees.
Newmark chief executive Barry Gosin described Gerald Eve as “a market-leading adviser” and said the deal “adds momentum to our goal of having more than 10% of Newmark’s revenue generated from outside of the United States by 2025″.
Prichard added: “Joining a top global commercial real estate services company creates significant growth opportunities for Gerald Eve’s clients and our people. For almost 100 years, we have prided ourselves on our market expertise and commitment to client service and, following record revenue in the latest financial year, Newmark’s backing will further strengthen our capability to operate at the top of our game.”
The takeover follows Newmark’s buyout of London office agency BH2 last year. At the time, Gosin said that deal “puts Newmark at the forefront of capital markets and leasing in London”.
Other transactions aiding its international expansion have included the takeover of Harper Dennis Hobbs and Paris-based flexible office operator Deskeo.
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