Newmark Group, a full service commercial real estate brokerage and advisory firm backed by BGC Partners, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
The newly formed entity is being spun off from its parent BGC Partners (Nasdaq: BGCP) and will include its Newmark Knight Frank real estate services unit combined with its Berkeley Point mortgage firm. BGC recently acquired Berkeley Point in July 2017 for $875 million as a reported means to increase the scale and scope of Newmark.
The New York, NY-based company was founded in 1929 and booked $1.1 billion in sales for the 12 months ended June 30, 2017. It plans to list on the Nasdaq under the symbol NMRK. Goldman Sachs, BofA Merrill Lynch, Citi and Cantor Fitzgerald are the joint bookrunners on the deal. No pricing terms were disclosed.
