PHILADELPHIA, PA-BGC Partners has acquired Smith Mack, a prominent commercial real estate services company here that has long been affiliated with its partner, Newmark Grubb Knight Frank.
Smith Mack's founding partners Sidney (Sid) Smith, Jeff Mack and Reid Blynn were named executive managing directors of Newmark Grubb Knight Frank. Also, Smith Mack's existing brokerage and advisory professionals will occupy offices in downtown Philadelphia; Wayne, PA; Wilmington, Del.; and Marlton, N.J., with the NGKF staff.
NGKF's CEO Barry M. Gosin said, "Smith Mack has experienced the benefits of the dramatic transformation that has taken place since Newmark Knight Frank and Grubb & Ellis were acquired by BGC Partners” in the last three years. He said that Smith Mack's executives strongly desired to join with NGKF, citing that as confirmation the company offers “the best real estate solutions in the industry."
Smith, speaking on behalf of the company he helped found, said that merging with NGKF was a natural evolution, since the association has long been a productive one. In addition, he said that the Grubb acquisition had boosted the talent base of the company and generated “more robust service offerings.”
The NGKF platform of services includes tenant brokerage, ownership representation, investment sales, corporate advisory services, property and facilities management, market research and lease administration. Through parent BGC's relationships with Cantor Fitzgerald and Cantor Commercial Real Estate, it has gained enormous capital markets resources.
The Philadelphia region of NGKF is managed by industry veteran J. Robert Clements, executive vice president and managing director. Clements said the company has embarked on a concerted growth campaign to strengthen its role as a dominant player in the greater Philadelphia market.
Of the Smith Mack acquisition, he said, "There is not another group of brokers in this market that could complement us so precisely. BGC's commitment to building up a powerhouse platform already has significantly strengthened our capability to service clients and we are winning market share in the greater Philadelphia marketplace as a result."
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