Newmark Continues Aggressive Capital Markets, Valuation Team Expansion Following IPO Launch
Since launching its IPO at the end of the year, Newmark Group Inc. has been aggressively expanding its capital markets and valuation team.
The firm has grown its valuation and advisory practice from 15 to 300 people since this time last year and recently added several senior leaders for its hospitality, gaming and leisure practice within the valuation business. The additions include Laurel A. Keller in Cleveland, Nancy Dawn in the Seattle area, Lori J. Raugust in Las Vegas and Donna M. Bradley in Los Angeles, according to CoStar.
Anthony Orso has also been named president of the capital markets strategies group and will be overseeing the growth of Newmark’s multifamily sales and debt businesses, as well as the integration of the Berkeley Point Capital agency lending business.
At the same time, Newmark’s parent company, BGC Partners Inc., has acquired $242M worth of Newmark ownership units, which can be exchanged for common shares. This action is expected to provide an infusion of capital for Newmark while allowing BGC to pay back a senior term loan originally used for the purchase of Berkeley Point Financial LLC in the fall.
Newmark initially launched its initial public offering in December with plans to sell 30 million shares at a cost of $19 to $22/share but after a disappointing investor reaction, BGC made the decision to decrease the offering to 20 million shares priced between $14 and $15. The company officially went public at $14/share but prices have since improved slightly and are now sitting around $14.70 to $14.80/share, CoStar reports.