Newmark Grubb Knight Frank, a division of BGC Partners, has acquired Newmark Grubb Mexico City.
The acquisition of the tenant advisory is part of Newmarkʼs commitment to growing its footprint in the Latin American region. Financial details of the transaction were not disclosed.
“Newmark Grubb Mexico City has built a strong reputation as one of the most well-respected commercial real estate operators in the region,” said Barry Gosin, chief executive officer of NGKF.
“Mexico is poised for substantial commercial real estate growth in the coming years. We are thrilled to take a direct role in the growth of this region in recognition of the increasing demand by US clients.”
Mexico City represents the world’s 12th largest metropolitan area by population. Many multinational corporations see the region as a hub for their operations.
The area also represents a significant portion of the volume of capital funding for commercial real estate development throughout Latin America and the construction pipeline is at an all-time high.
Giovanni D’Agostino will continue to lead Newmark Grubb Mexico City and will serve as regional managing director of the Latin American region.
“NGKF’s global resources and platform broadens our capabilities to offer a wide spectrum of services,” said D’Agostino. “Now, more than ever before, we are able to exceed the expectations of clients’ increasingly sophisticated real estate needs,” he added.