Newmark Knight Frank (NKF) is pleased to announce that it is continuing the ground-up construction of its Valuation & Advisory practice with thoughtful selection of some of the most prominent professionals and practices in the market, with an agreement to acquire the assets of six Integra Realty Resources offices, including New York/New Jersey, Philadelphia, Wilmington, Baltimore, Washington D.C., and Atlanta. The acquisitions were led by NKF Chief Executive Officer, Barry Gosin and Valuation & Advisory President, John Busi.
The acquisitions will mark another pivotal moment for the firm, which has recently announced its agreement to acquire leading commercial real estate finance company Berkeley Point Financial, has made several key hires in its Capital Markets business segment, and continues to concentrate on its near- and long-term future. The IRR offices will augment a rapidly expanding Valuation & Advisory practice group, which has grown significantly in the past year.
"This deal is the centerpiece of a carefully developed strategy,” said Busi. “The professionals that will now become part of the NKF platform were founding partners in the IRR franchise, and their names have long been associated with that known brand. After spending our careers as competitors, we now have the opportunity to work side-by-side to build a business that combines all the best elements of the organizations we came from.
With our eastern flank almost fully in place, together with the great hires we've made in Texas, the Midwest and the West, our foundation is well on its way to its complete realization. In the next quarter, we will bring online the balance of the other market and specialty practice leaders.”
Each IRR office brings a wealth of exceptional leadership:
- IRR Atlanta, which has serviced Georgia and the Southeast since 1999, is led by Sherry L. Watkins and Carl Schultz Jr.;
- IRR Baltimore, which also covers the eastern shore of Maryland, originated 27 years ago as Patrick C. Kerr Appraisal Group and later became Kerr Realty Advisors, and is led by G. Edward Kerr;
- IRR New York and New Jersey has served the Tri-State Area for the past 18 years and is run by co-leaders Raymond T. Cirz and Matthew S. Krauser;
- IRR Philadelphia, previously Joseph Dennis Pasquarella & Co. (a boutique real estate valuation firm specializing in income-producing properties nationally since 1980), has covered Southern New Jersey, Central Pennsylvania and the Lehigh Valley for the past 18 years, and is led by Joseph D. Pasquarella, Michael Silverman, and John P. Pasquarella;
- IRR Washington D.C., which began 27 years ago as Patrick C. Kerr Appraisal Group, covers the D.C. Metropolitan Area and Virginia; and
- IRR Wilmington, Delaware, the only national real estate valuation and advisory firm in the state, was founded in 2005 as a spin-off from IRR Philadelphia, and is led by Douglas L. Nickel and Joseph D. Pasquarella.
In addition to these acquisitions, NKF's most recent hires include: former Southeast Realty Consultants (SRC) partner and perennial top producer Raymond Higgins, as well as other former, senior members of SRC, including Craig Brodsky. This group will lead NKF’s national Multifamily Practice and serve the southeast geographies of Georgia, Tennessee, Alabama, Mississippi, North Carolina and South Carolina. In addition, former Salus Valuation leader and senior housing/healthcare figure Norm LeZotte runs NKF’s Valuation & Advisory national seniors practice; top producer Greg Becker oversees Florida; former IRR Minneapolis partner Michelle Koeller runs the North-Central regions, including Iowa, Minnesota, Wisconsin, Nebraska, and the Dakotas; Northern California market leader and 26-year veteran Robby Perrino covers the key markets of San Francisco, Sacramento and the Silicon Valley; Steve Cosby leads both NKF’s national self-storage practice and oversees Arkansas, Missouri, Oklahoma, and Kansas; Gavin McPhie assumes the area role covering Arizona, New Mexico and Nevada; and Eric Finley and David Thibodeaux handle the Houston and Austin/San Antonio Texas markets, respectively.
Mr. Gosin commented on today’s announcement, “As we strive to build the most complete commercial real estate offering possible, Valuation & Advisory will continue to be a critical focus. The additional resources and expertise provided by the IRR offices will better enable us to deliver top-notch consulting, analysis and resources and afford our clients the best possible financial outcomes. We look forward to supporting a Valuation & Advisory business that utilizes all of the specializations that come to us as a result of this agreement.”
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF's strong foundation makes it one of the most trusted names in commercial real estate. NKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.