New York, NY (May 18, 2015) – 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, lease renewal, and related valuations for retailers nationwide. 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.
“Excess Space commands an excellent industry reputation and shares our philosophy of ensuring clients receive the most effective, value-add results possible,” commented Barry M. Gosin, Chief Executive Officer of NGKF. “We look forward to working with them, strengthening our Global Corporate Services business, and exploring synergies across our two businesses. Combined we will be in an even stronger position to compete and execute the best results in the real estate marketplace.”
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 premier provider of these services. Its headquarters are in Long Island, New York.
Michael Ippolito, Chairman of Global Corporate Services at NGKF commented, “Excess Space advises clients in critical business situations, including helping them to reposition their fleet through downsizing efforts and the restructuring of leases in compressed timeframes.” He stated, “We are confident that the acquisition of Excess Space will enhance our business, strengthening the services within our global Retail platform, and adding value to our clients.”
“We are excited to join NGKF which continues to invest in its business and its people to benefit its client base and add depth and breadth of services,” said Michael S. Wiener, Founder and President of Excess Space. “NGKF and Excess Space share a similar passion and commitment to integrity and quality of client service. We look forward to working with NGKF to optimize our service offerings to excel and deliver best in class results.”
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 believes that this specialized segment of real estate is best served by an organized and hands on approach as customers expand and contract throughout all real estate cycles. 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 https://bgcpartnersprd.wpengine.com.
BGC, BGC Trader, Newmark, Grubb & Ellis, and Grubb are trademarks and service marks of BGC Partners, Inc. and/or its affiliates. Knight Frank is a service mark of Knight Frank (Nominees) Limited. Trayport is a trademark or registered trademark of Trayport Limited and/or its affiliates. FENICS and FENICS.COM are trademarks or registered trademarks of Fenics Software Inc. and/or its affiliates.
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.
BGC and NGKF Media Contacts:
Karen Laureano-Rikardsen
212-829-4975
Hannah Sloane
212-294-7938
BGC Investor Contacts:
Jason McGruder
212-829-4988
Jason Chryssicas
212-915-1987