Newmark Grubb Knight Frank (NGKF), a division of leading global brokerage BGC Partners which services the financial and real estate markets, announces it has completed its acquisition of Cincinnati Commercial Real Estate, Inc. ("CCR"). CCR has a deep track record in office, industrial and retail leasing and investment sales, representing a diversified client base that ranges from top Fortune 500 companies and institutions to privately owned firms. The acquisition bolsters NGKF's presence in the Midwest and will help drive growth opportunities for the firm's existing Ohio operations in Cleveland and Columbus. Financial details of the transaction were not disclosed.
"Aligning with best-in-class local experts throughout the United States who share our philosophy to develop complete solutions for clients in all facets of real estate is fundamental to our growth strategy," commented Barry Gosin, chief executive officer of NGKF. "The Cincinnati metropolitan area is a fast-growing Midwest economy with an important customer base. By combining our platform with their local expertise and strong reputation, NGKF is well-positioned to thrive in this market."
"The opportunity for NGKF to expand our presence in the Midwest as our clients demand service regionally makes the acquisition of CCR a natural fit," noted Michael Sheinkop, president of brokerage services at NGKF. "The addition of a full-service team in Cincinnati that operates with high integrity and civic-mindedness is timely and ideal."
Wayne Hach, Si Pitstick and Doug Altemuehle, all industry veterans each with over 25 years of experience, join NGKF as executive managing directors along with nine other brokers employed by CCR. They will continue to run their local operation, now backed by the global resources and full-service expertise of NGKF.
"The NGKF global platform aligns exceptionally well with our clients' interests and provides tremendous depth in services and resources that deliver measurable results," stated Altemuehle. "As a leader in our market, CCR's clients have come to place tremendous value on our people, our culture and our principles. We are very excited to join a like-minded organization in NGKF and our clients share the same enthusiasm."
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