Newmark Grubb Knight Frank parent BGC Partners, Inc. has entered into an agreement to acquire Excess Space Retail Services, Inc.
Excess Space is a premier provider of real estate disposition, lease restructuring and lease renewal services, as well as related valuations for retailers nationwide and currently advises on 35.6 million square feet of retail space in North America.
Upon close, the acquisition is expected to drive future growth opportunities within NGKF Global Corporate Services. Financial details of the transaction were not disclosed.
“We are pleased to announce this transaction which completes the full spectrum of retail occupier services offered within our Global Corporate Services business,” commented Barry M. Gosin, Chief Executive Officer of NGKF.
“Excess Space is a dominant force in the niche area of real estate dispositions and lease restructurings for retailers, they have an excellent industry reputation, and their business of moving rapidly and efficiently to assist clients in healthy and distressed situations complements our own services. This union creates a full array of seamless, value-driven services for our clients and elevates our competitive offering to new heights.”
Excess Space advises some of the nation’s leading supermarkets, drug stores, department stores, home furnishings companies, banks, and restaurants in a range of services, including dispositions of both leased and fee simple property, lease restructurings and related valuations. In the past two decades it has grown rapidly becoming a leading provider of these services. Its headquarters are in Long Island, New York.
Michael Ippolito, chairman of Global Corporate Services at NGKF commented, “Excess Space is admired for its extensive disposition and lease restructuring experience. It works with top retailers across the nation in critical business situations, offering invaluable services that can be scaled to new clients. We are confident that the acquisition of Excess Space will enhance our business, strengthen the services within our global Retail platform, and bring value to our clients.”
“Retail is evolving rapidly and today’s retailers face complex opportunities and challenges on multiple fronts. We are thrilled to become part of NGKF and deliver enhanced value to our clients as the retail landscape continues to shift,” said Michael S. Wiener, Founder and President of Excess Space.
“In partnership with NGKF’s Global Corporate Services retail business we can deliver stronger solutions across the entire lifecycle of clients’ store portfolios, including: strategic planning and revenue modeling; new store rollout management; project management; and lease administration. These services, combined with our existing disposition and lease restructuring competencies, create a compelling offering to our clients and the broader retail marketplace.”
