Newmark Acquiring RKF for Undisclosed Price
After months of rumors, the retail brokerage is going to Newmark in a deal that will make Robert Futterman the head of the company's retail division
In a press release announcing the pending purchase, Robert Futterman, the eponymous head of the firm, was named the chairman of Newmark’s retail leasing division which will be called Newmark RKF. The price of the deal was not readily available.
Futterman didn’t immediately return Commercial Observer’s requests for comment, but noted in the release that RKF’s motivation was to grow nationally. Newmark’s reason for the deal was to add to its talent pool.
“RKF has been consistently ranked as the top retail brokerage company in New York and has demonstrated national and global expertise,” Barry Gosin, CEO of Newmark, said in a prepared statement. “This acquisition is consistent with Newmark’s goal to add top talent in all disciplines and is an important step in continuing to build the leading retail platform in both leasing as well as retail investment sales. Robert Futterman has attracted some of the best talent in the industry and combined with Newmark’s growing retail business, we aim to create the top ranked retail company nationally.”
RKF issued an email telling brokers to not discuss the deal, which is expected to close before the end of the year.
A Newmark spokeswoman said that all the retail brokers at both firms will be folded into Newmark RKF.
News of the deal had been in the works for months, with The Real Deal reporting in January of this year that Newmark was nearing a deal, but rumors of an RKF sale have been in the air for years; in 2015 word was circulating that Colliers International was planning on buying the retail brokerage.
This past December, Newmark Group—parent company of Newmark Knight Frank—became a publicy traded subsidiary of BGC Partners.