BGC Makes Retail Sector Buy
Howard Lutnick's BGC Partner has acquired the real estate firm Excess Space, which provides services including leasing and valuations to North American retailers. According to the statement announcing the deal Excess Space since its 1992 founding has saved clients $4B across 35.6M SF of properties. BGC's brokerage unit Newmark Grubb Knight Frank will make the acquisition, whose terms have not been disclosed.
BGC earlier this month acquired real estate consulting and tech firm Computerized Facility Integration. That followed its protracted acquisition in February of the brokerage GFI Group.