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Newmark Group announces acquisition of ACRES in Utah for undisclosed sum.

M2 EQUITYBITES-June 20, 2019-Newmark Group announces acquisition of ACRES in Utah for undisclosed sum

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Newmark Group Inc (NASDAQ:NMRK) disclosed on Wednesday that its subsidiary Newmark Knight Frank (NKF) has acquired ACRES in Utah, which has been operating as Newmark Grubb ACRES through an alliance agreement with NKF.

Financial details of the acquisition were not disclosed.

ACRES' southwest footprint includes Utah offices in Salt Lake City, Davis/Weber County and Utah County and additional presence in Boise, Idaho and Reno, Nevada. This acquisition is expected to strengthen its position in the Southwest, solidifying its market share in the region.

ACRES was founded by Mike Falk, Kyle Roberts, Paul Keyser, Zach Anderson and Steve Condie in 2000 and has grown to a total of five offices with more than 45 brokers providing landlord and tenant representation, investment sales and asset management services to almost 10m sq ft of area.

NKF, operated by Newmark Group, is a commercial real estate advisory firm that offers a complete suite of services and products for owners and tenants. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from about 430 offices on six continents.

Newmark Group provides commercial real estate services in the US and internationally and its investor/owner services and products are provided under the Newmark Knight Frank name. The company was formerly known as Newmark Knight Frank and changed its name in October 2017. Founded in 1929, it is headquartered in New York, New York, USA.

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Date:Jun 20, 2019
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