Newmark announced the acquisition of retail specialist Harper Dennis Hobbs Holdings Limited (HDH), a real estate advisory firm based in London.
The acquisition adds a 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, according to The Real Deal, leasing over 1.1 million square feet of retail space.
It plans to expand its capabilities to service the 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 offers tenant-focused real estate advisory services for an collection of 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.
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.