New York-based retail real estate specialists RKF has made the jump to Britain – and might soon expand into Asia.
The company announced this morning it has formed “an affiliation” with U.K.-based retail consulting firm CWM Retail Property Advisors, LLP (CWM).
It marks the first time that RKF has formalized ties with an overseas firm. The move sets the stage for the RKF and CWM, which has a presence in Asia, to collaboratively expand their presence.
Each firm currently boasts a dominant and highly competitive market position within the United States and United Kingdom, respectively.
“Our strategic affiliation with CWM represents a critical part of our global strategy to expand RKF’s reach into key cities throughout the U.K. and continental Europe,” said RKF chairman & CEO Robert Futterman. “The symbiotic nature of this relationship cannot be overstated: Our U.S.-based retail tenants and investors will immediately gain access to the European markets via the CWM platform; CWM, in turn, will introduce their European-based retail tenants and investors to the U.S. market through our vibrant national platform here.”
As part of the agreement, RKF has acquired CWM’s New York City office whose current staff will join RKF. In addition, CWM and RKF have each committed to an exclusive relationship involving shared business referrals within the U.S. and the U.K. The financial terms of the transaction were not disclosed.
Both RKF and CWM will continue to own and operate their respective offices in both the U.S. and the U.K.
Founded by Futterman in 1993 and headquartered in Manhattan, RKF has offices in Las Vegas, Los Angeles, Miami, Chicago, Northern New Jersey, and San Francisco. RKF currently consists of 119 real estate professionals and support staff.
Founded in 1993, CWM is considered to be the U.K.’s leading independent retail property consultancy. The firm currently employs 45 professionals and staff.
Added Futterman: “As our retailer and ownership clients have in recent years entered key urban markets overseas, they have increasingly turned to us seeking representation in these places. Now we are in a position to offer them the same high-level service in the U.K. and Europe that once we could only deliver here in the U.S.”
Scott Murdoch, founding partner of CWM said, “We are delighted to have forged this strategic alignment with RKF, which is one of the strongest and most ambitious retail services firms in the States. While our relationship with Robert and his team will yield immediate benefits for both firms in the U.S. and Europe, we also plan to work with RKF on building a joint presence in Asia where CWM has already established a beachhead.”
More details on the Asia initiative will be disclosed soon.