But it does seem consistent with the Newmark model, and a statement from that New York City-based firm reveals that it will fill the void left by Grubb's departure. In fact, with the new year, Newmark will become Newmark Knight Frank, president James D. Kuhn says in a statement.
The two firms will focus jointly on a global presence and establish a superior platform from which to service clients' international requirements, the statement explained. A possible investment by Newmark in Knight Frank Asia Pacific is also a possibility. Joint revenues top $545 million.
For Grubb's part, considering the alliance with a partner that has "some locations and some gaps, it became evident that we were going to have to do something different," Rose tells GlobeSt.com. Knight Frank represented Grubb in Europe and Asia. A transition plan is being constructed to ensure continuity of services for Grubb clients.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
