Newmark has entered into an alliance agreement with Ciminelli Real Estate Corporation in Western New York.
Under the the deal, Ciminelli will operate under the Newmark umbrella as Newmark Ciminelli, providing services across Western New York, including the greater Buffalo and Rochester regions.
The alliance will support Ciminelli’s ongoing efforts to expand brokerage services into key markets across Southern Ontario, including Hamilton, Burlington and Niagara Falls.
Kyle Ciminelli, who recently joined the Ciminelli family firm as executive vice president after 16 years with Newmark in New York City, will lead brokerage strategy for Newmark Ciminelli.
Paul Ciminelli, the CEO of the Ciminelli firm, will continue to focus on strategy for its extensive property/asset management, investments and development business.
“This alliance is designed to power new brokerage business for both parties – allowing Newmark to expand into growing markets across Western New York and Southern Ontario, Canada while granting Ciminelli the unique ability to leverage the platform of our global brand as it continues its own expansion,” said Newmark chief revenue officer, Lou Alvarado.
Founded in 1981, Buffalo-based Ciminelli has grown its real estate portfolio to include more than 680 properties and 18 million square feet across New York and six other states. Its current leasing assignments in downtown Buffalo include the 430,000 s/f Fountain Plaza; the 350,000 s/f Conventus office building; the 1.2 million-square-foot Seneca One complex; as well as the Colvin Woods Business Park and Centerpointe Corporate Park in the city’s inner-ring suburbs.
Ciminelli is also an accomplished developer in and around Western New York, having completed projects such as the Conventus complex; 201 Ellicott, a 201-unit housing and retail development currently under construction in downtown Buffalo; and the 132,000 s/f Niagara Falls Municipal Complex in Niagara Falls, NY.
“We were looking to bring an integrated platform to our brokerage offerings, and Newmark was the clear choice for so many reasons,” said Kyle Ciminelli.
“I know the work ethic and core values virtually mirror ours. Newmark’s global industry reach provides outstanding opportunity to bring new businesses to Western New York. It is our privilege to have Newmark align with our company. Newmark is family to me, and both my father and I are looking forward to the many opportunities that the Newmark connection creates for our clients.”
The agreement comes at a time of brisk growth across the Western New York commercial real estate market.
According to Newmark Research, the Buffalo Niagara MSA and Rochester MSA office markets have experienced more than 703,349 square feet of positive absorption year to date, up from 349,449 s/f at year end 2019. Meanwhile, asking rents are now at $15.98 psf, up 8.2 percent over the last five years.
The region is also seeing strong activity throughout its industrial and retail markets, which have vacancy rates of 6.3 percent and 5.6 percent, respectively.