NEW YORK, March 18, 2021 /PRNewswire/ -- Newmark
Group, Inc. (NASDAQ: NMRK) ("Newmark" or "the Company"),
today announced that it has received approval from the U.S.
Bankruptcy Court for the District of Delaware to acquire the business of Knotel,
Inc. ("Knotel"), a leading global flexible workspace platform.
Newmark anticipates the acquisition will close shortly.
"Flexible workspace has been one of the fastest-growing areas of
commercial real estate, and we expect this adaptive model will play
an important role in the future of our industry," said Newmark
Chief Executive Officer Barry Gosin.
"As a global commercial real estate leader, Newmark believes that
our nimble integrated platform, combined with Knotel's
capabilities, will provide superior management and consulting
services to corporations and owners around the world. We look
forward to completing our purchase of Knotel and welcoming so many
of their talented professionals to Newmark."
The transaction is an asset sale under Section 363 of the U.S.
Bankruptcy Code. Newmark will provide an update on the projected
financials related to the acquisition on its first quarter 2021
earnings conference call.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its
subsidiaries ("Newmark"), is a world leader in commercial real
estate services, with a comprehensive suite of investor/owner and
occupier services and products. Our integrated platform seamlessly
powers every phase of owning or occupying a property. Our services
are tailored to every type of client, from owners to occupiers,
investors to founders, growing startups to leading companies.
Harnessing the power of data, technology, and industry expertise,
we bring ingenuity to every exchange, and imagination to every
space. Together with London-based
partner Knight Frank and independently owned offices, our 18,800
professionals operate from approximately 500 offices around the
world, delivering a global perspective and a nimble approach. In
2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or
follow @newmark.
Discussion of Forward-Looking Statements about
Newmark
Statements in this document regarding Newmark that are not
historical facts are "forward-looking statements" that involve
risks and uncertainties, which could cause actual results to differ
from those contained in the forward-looking statements. These
include statements about the effects of the COVID-19 pandemic on
the Company's business, results, financial position, liquidity and
outlook, which may constitute forward-looking statements and are
subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, Newmark undertakes no obligation to update any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see Newmark's Securities and
Exchange Commission filings, including, but not limited to, the
risk factors and Special Note on Forward-Looking Information set
forth in these filings and any updates to such risk factors and
Special Note on Forward-Looking Information contained in subsequent
reports on Form 10-K, Form 10-Q or Form 8-K.
Media Contact:
Karen
Laureano-Rikardsen
+1 212-829-4975
Investor Contact:
Jason
Harbes, CFA
+1 212-829-7124
View original content to download
multimedia:http://www.prnewswire.com/news-releases/newmark-to-complete-acquisition-of-knotel-301250597.html
SOURCE Newmark Group, Inc.