The biggest U.S. brokerage firm without an independent operation in the UK is planning a hiring push to grow its transatlantic business.
Newmark and London-based Knight Frank have ended a 15-year "global alliance," with both now planning to undertake international expansion plans alone, React News reported.
For Newmark, this means a drive to establish a significant brokerage business in the UK. In 2019, it bought London-based retail leasing business Harper Dennis Hobbs. React said that a number of high-profile London brokers have been approached by Newmark as part of a major recruitment push.
Turnover rankings created by Real Estate Alert show Newmark to be the fourth-largest broker in the U.S. behind CBRE, JLL and Eastdil Secured, all of which have significant UK and European operations. Newmark’s revenue in 2020 was $1.9B.
Newmark and Knight Frank created a strategic partnership in 2006, where the two firms worked together to service international clients without ever formally merging. Newmark changed its name to Newmark Knight Frank, but rebranded to become just Newmark in October last year.
“Knight Frank and Newmark have had a fruitful relationship over many years, however both firms have agreed it is now time to develop future plans independently,” the two companies said.
“Knight Frank wish to protect their independence and build their partnership structure across the globe, whilst at the same time Newmark will continue to extend their global footprint.”
In looking to beef up in the UK, Newmark is following the footsteps of fellow North American firm Avison Young, which, backed by Canadian pension fund CDPQ, bought UK firm GVA in 2019.
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