Moreover, says Kuhn, "this is not a situation where we are having to induce people to go to a better brand; we are absolutely not going around offering signing bonuses. We have much more to offer. No. 1, unlike any other company I know of, brokers here can be part of a national company and own up to 49% their territory and share in the profits. No. 2, we are much more entrepreneurial; the stock in our company is owned by us and we encourage our partners to own real estate as long as they are investing with us and we manage the endeavor."

As for the timing of the expansion, Kuhn says, "in 1999 and 2000 when a lot of these brokerage firms were spending capital of buying firms, we sat quietly and waited for the meltdown. Now there is a lot of talent available that wants a different model."

Kuhn adds that Newmark's plan is not to be as big and widespread as its fellow dominant New York firms Insignia/ESG and Cushman & Wakefield. "We don't plan on being in 100 markets and 50 countries, just the dozen or so with more than 100 million sf, because if you are in those markets you cover close to 80% of the country and 70% of the corporate talent. We won't match their revenues but we will match them on profitability per broker."