Newmark Group, Inc. (NASDAQ: NMRK) (“Newmark”) announces the acquisition of industry-leading North American retail real estate advisory firms Open Realty Advisors and Open Realty Properties (“Open Realty”). Open Realty will join Newmark’s Retail Services business line with an extensive national and global top-tier client roster, and its founders will assume significant leadership roles to expand Newmark’s global retail footprint.
“This acquisition underscores Newmark’s commitment to brick-and-mortar retail—a foundational and enduring component of the global commercial real estate landscape. Providing top-level services to retail clients is more important than ever as the sector plays a critical role in revitalizing the economy,” said Newmark Chief Executive Officer Barry Gosin. “Acquiring Open Realty, an authority on brand-building in retail real estate, is Newmark’s next move to being the most knowledgeable, well-connected retail advisory firm in the U.S. and beyond.”
Open Realty is led by Mark Masinter, who heads the firm’s macro strategy and business development, Johnny Siegel, who spearheads tenant advisory services and asset management strategies for clients, and Steve Merkle, who co-leads tenant advisory business endeavors. Masinter and Siegel join Newmark as Chairman of Global Retail and President of Global Retail, respectively; Merkle joins as Vice Chairman.
“With over 35 years of experience growing brands, executing roll-out strategies, developing and investing in real estate, both domestic and international, we are honored to have garnered the trust and respect of the very best retail clients and institutional investors in the world at Open Realty,” stated Masinter. “Integrating with the Newmark platform—building on the company’s vision and articulating that vision to the retail, restaurant, entertainment and real estate communities—is an exciting, standard-setting venture. We couldn’t be more bullish on the future of retail.”
“Open Realty’s and Newmark’s client-service standards are in perfect alignment, prioritizing thoughtful and deliberate tenant advisory and a holistic approach to real estate. We see assignments through the lens of each stakeholder, having worked in every aspect of the real estate process; and the same can be said of Newmark’s breadth and depth of retail services. We look forward to leveraging the infrastructure, technology and collaborative opportunities of an expanded platform,” said Siegel.
“When Newmark acquired RKF, we saw the opportunity to combine talents and build the leading retail brokerage practice in New York City,” added Newmark Vice Chairman Ariel Schuster. “Acquiring Open Realty accelerates the growth trajectory and national prominence of Newmark’s retail platform. We have worked transactions with and been on the other side of the table from Open Realty for over 20 years; I admire their business and am sure they will be a valued asset to Newmark’s clients.”
“Newmark again is demonstrating its belief in and understanding of the retail sector; we have a close and long-standing relationship with Open Realty, having shared retail clients across North America and Europe for over a decade. This acquisition provides strong relationships and a broad platform to help both client bases expand globally,” said HDH Chief Executive Officer James Ebel.
“Since my early days in retail brokerage, I’ve respected Open Realty. Their client list is admirable, and their market penetration and industry reputation is unmatched. I’m incredibly excited to join forces on behalf of our clients,” concluded Newmark Vice Chairman Jay Luchs.
Open Realty specializes in tenant strategic planning, site identification, lease negotiation, project administration, construction and design facilitation, portfolio maintenance and site disposition, as well as project-specific expertise in acquisition consultation, project design and site development, merchandising, project leasing and asset management; and overall market and financial analysis.
The Open Realty acquisition—which closed May 3, 2022—is part of Newmark’s larger expansion strategy, scaling up its service offerings in key markets, nationally and globally. Newmark’s recent announcements include acquisitions, hires and agreements across key global markets, including France, Germany, Poland, Hungary, Hong Kong, Dubai and London, with the recent acquisition of real estate advisory firm BH2, and in the U.S., where the firm acquired Boston-based McCall & Almy. In the retail space, Newmark’s acquisitions include London-based Harper Dennis Hobbs (“HDH”), New York-based RKF and ExcessSpace, in 2019, 2018 and 2015, respectively.