Frontier Appoints Newmark to Manage its Real-Estate Portfolio

Rhea-AI Summary

Frontier (NASDAQ: FYBR) has appointed Newmark as its sole real-estate manager to optimize its extensive portfolio across 25 states. This partnership aims to enhance operational efficiencies through Newmark's advanced technology platform, Newlitic, enabling data-driven insights for cost savings. Notably, Frontier achieved $250 million in gross annualized cost savings in 2022 ahead of schedule. CFO Scott Beasley emphasized the importance of this collaboration in supporting Frontier’s vision of Building Gigabit America and sustainability.

Positive

• Partnership with Newmark aims to streamline operations and reduce costs.
• Achieved $250 million in gross annualized cost savings ahead of schedule.

Negative

• None.

 Newmark’s technology platform will further streamline Frontier’s operations and drive efficiencies

NORWALK, Conn.--(BUSINESS WIRE)-- Frontier (NASDAQ: FYBR):

TL;DR – The Byte-Size Download:

• Happening: Today, Frontier (NASDAQ: FYBR) announced it appointed Newmark, a world leader in commercial real estate, to manage its real-estate portfolio. Newmark’s leading-edge, real-estate technology platform, Newlitic, and market expertise will help Frontier further streamline operations and identify cost savings opportunities.
• Why it Matters: Frontier’s real-estate portfolio is made up of thousands of properties, including leased, owned and specialized network facilities, across 25 states. The entire portfolio will now be managed by a single partner, Newmark.
• Get stoked: “As we advance our purpose of Building Gigabit America, simplifying our real-estate portfolio represents an important opportunity to reduce our cost structure and improve the sustainability of our footprint,” said Scott Beasley, Frontier’s Chief Financial Officer. “We’re excited to partner with Newmark to use their technology and experience to accelerate our real-estate transformation.”

The Details:

Frontier announced today that Newmark will serve as its single real-estate partner to oversee its portfolio of properties spanning 25 states. Newmark’s business intelligence technology platform will deliver data analytics and insights to optimize Frontier’s real-estate portfolio as the company transforms with its fiber-first strategy.

Why is this important?

Frontier made rapid improvements to its cost structure in 2022, achieving its initial cost savings target of $250 million of gross annualized cost savings ahead of schedule. Streamlining its real-estate portfolio will identify additional opportunities to streamline operations for the benefit of its fiber-first strategy.

Hear from Newmark:

Newmark Global Corporate Services Chief Executive Officer, Richard Bertasi said, “Newmark is honored to be selected as the strategic real-estate advisor to Frontier. Leveraging our global resources, supplier partners and integrated portfolio platform capabilities, we will partner with Frontier to meet its short- and long-term real estate and business goals. This is an exciting time with all of the growth at Newmark, and we are very much looking forward to mutual success with Frontier."

About Frontier

Frontier is a leading communications provider offering gigabit speeds to empower and connect millions of consumers and businesses in 25 states. It is building critical digital infrastructure across the country with its fiber-optic network and cloud-based solutions, enabling connections today and future proofing for tomorrow. Rallied around a single purpose, Building Gigabit America™, the company is focused on supporting a digital society, closing the digital divide, and working toward a more sustainable environment. Frontier is preparing today for a better tomorrow. Visit frontier.com.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230117005405/en/

Media

Chrissy Murray

VP, Corporate Communications

+1 504-952-4225

chrissy.murray@ftr.com

Source: Frontier Communications Parent, Inc.

FAQ

What recent strategic partnership did Frontier announce?

Frontier announced a partnership with Newmark to manage its real-estate portfolio.

How will Newmark's technology benefit Frontier?

Newmark's technology platform, Newlitic, will optimize Frontier's real-estate portfolio and identify cost-saving opportunities.

What was Frontier's cost savings target for 2022?

Frontier achieved a gross annualized cost savings target of $250 million in 2022.

How many states does Frontier's real estate portfolio cover?

Frontier's real estate portfolio spans 25 states.