U.S. Broker Newmark Buys UK Retail Stalwart Harper Dennis Hobbs
New York-listed broker Newmark has bought London-based retail leasing specialist Harper Dennis Hobbs to try and increase its international footprint.
Newmark bought HDH outright for an undisclosed fee. HDH has 50 staff including 30 brokers and associated staff. It is a tenant-rep specialist and has become one of the leading firms at bringing international retail brands to London and Europe.
The last financial accounts available for HDH are for the year to June 2016, and they show the company making a £2.1M profit from revenue of £9.9M. The firm will continue to operate under the Harper Dennis Hobbs name.
Newark said in a news release it hoped the acquisition would be a platform for it to help more European retail tenants come to North America. It said it is the top-ranked retail leasing agent by deal volume in Manhattan in 2019.
Harper Dennis Hobbs was founded in 1993, and its tenants include Belstaff, Five Guys Burgers & Fries, J. Crew, Louis Vuitton, Samsung, Sketchers, Tiffany & Co. and West Elm.
“For more than a decade of client solutioning and collaborative referrals, we have built long-standing relationships with Newmark and its brokers,” HDH Chief Executive James Ebel said in a press release. “Newmark’s investment in this dynamic industry provides our business with access to a deeper and diverse network of retail expertise, across borders.”
“Acquiring Harper Dennis Hobbs is an essential strategic investment for Newmark as we begin to scale our domestic retail practice to offer a worldwide level of enterprise resources,” Newmark Chief Executive Barry Gosin said.