Nelson Bakewell Managing Director, Michael Hatt said: 'Newmark Nelson Bakewell--as the venture will be known--will give Nelson Bakewell a real presence in New York. For Newmark, it will provide them with direct access to the London market and the ability to tap into Nelson Bakewell's expertise.'

Hatt said the relationship between the two firms grew out of their joint membership of the ONCOR network. Both firms will continue to be members of ONCOR international, the international network of offices covering more than 200 markets worldwide.

Newmark manages more than 46m square feet of commercial space and each year it typically completes an average of around $1bn of transactions and leases around 15m sq ft of space.