"We're hoping to have 50 people in 24 to 36 months," Barry Gosin, CEO of the New York City-based Newmark Knight Frank, tells GlobeSt.com. "We are growing the platform. That's our goal. And, our goal is to be the market leader in the markets we're in."
As the news hit the streets yesterday, Predium LLP's phone was being answered with the new moniker after six months of negotiations. The new plan makes managing principals out of Seth Weinstein and Mitch Wolff, who are now looking for roughly 10,000 sf in far north Dallas to house the team. Weinstein says the decision should be made within 90 days. Meanwhile, Newmark's six-year managing principal in Dallas, Rebecca Griffin, and her three-member team will box up their office at 15950 N. Dallas Pkwy. in Dallas next week and join the rest of the team at 7160 Dallas Pkwy. in Plano.
[IMGCAP(2)]Years ago, Griffin, Weinstein and Wolff were colleagues at the former Cawley Wilcox Cos., now GVA Cawley. "She was instrumental in helping to make this transaction happen," Weinstein says. The office's other principal is John Shaunfield.
In New York City, former Predium professionals will move from 260 W. 54th St. to one of Newmark Knight Frank's five offices in the city and the same scenario will play out in the Silicon Valley, with the buyer's office at 560 S. Winchester Blvd. in San Jose carrying the flag for a team moving from 411 Borel Ave. in San Mateo. There are no other overlapping markets.
"It's a really good fit. Our expectation is to grow their market share and continue to help us to represent clients on a global basis and build on our market share," Gosin says. "We offer significant infrastructure. It gives them ore arrows in their quivers and we get high-quality guys who really understand the real estate in Dallas/Fort Worth."
The foundation blocks for the North Texas push are being laid as Weinstein and Wolff dig into interviews with office, industrial, retail and investment sales teams from their competitors' camps. He says the plan calls for a full-service shop so that means agency leasing and property management in addition to expanding their tenant rep and corporate services business. He also confides negotiations are under way with a team in charge of three million sf of office buildings in Greater Dallas, which effectively could be Newmark Knight Frank's first major win in the market.
Whether buyer or seller, the executives concur the match was right. "This isn't something we had to do. It's something we wanted to do," Weinstein says. "We're excited and we're not looking back. It gives us an opportunity to take our abilities to the next level. We have a lot more to accomplish."
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