NEW YORK CITY—In a move to bolster its corporate services business, BGC Partners' Newmark Grubb Knight Frank has just announced plans to acquire Excess Space Retail Services Inc. Further details of the transaction, including the purchase price, were not disclosed. BGC did not return calls for comment by press time.

Excess Space provides real estate disposition, lease restructuring and lease renewal services, as well as related valuations for retailers nationwide. This acquisition is expected to enhance and perpetuate growth opportunities for both parties. “Excess Space is admired for its extensive disposition and lease restructuring experience,” says Michael Ippolito, chairman of Global Corporate Services at NGKF. “It works with top retailers across the nation in critical business situations, offering invaluable services that can be scaled to new clients. We are confident that the acquisition of Excess Space will enhance our business, strengthen the services within our global Retail platform, and bring value to our clients.”

Since its founding over 20 years ago, Excess Space has generated an estimated $4 billion in cost savings for clients, according to the firm.

“Retail is evolving rapidly and today's retailers face complex opportunities and challenges on multiple fronts,” says Michael S. Wiener, founder, president and CEO of Excess Space. “In partnership with NGKF's Global Corporate Services retail business, we can deliver stronger solutions across the entire lifecycle of clients' store portfolios, including: strategic planning and revenue modeling; new store rollout management; project management; and lease administration. These services, combined with our existing disposition and lease restructuring competencies, create a compelling offering to our clients and the broader retail marketplace.”

With such clients as Home Depot and Whole Foods, Excess Space currently advises on 35.6 million square feet of retail space in North America. NGKF has oversight of more than 250 million square feet of property, as well as 100 offices in North America and facilities management, and a national appraisal business.