Newmark Hires Top Multifamily Advisors, Western U.S., Bolstering Investment Sales

Rhea-AI Summary

Newmark Group (NASDAQ: NMRK) has significantly strengthened its multifamily capital markets practice with the hiring of seven top industry veterans from Eastdil Secured. Joseph Smolen and Geoff Boler join as Executive Vice Chairmen, while Will Purcell and Jonathan Merhaut join as Vice Chairmen, along with other senior appointments.

The new team brings an impressive track record of over $100 billion in closed transactions and has dominated the Western U.S. market, handling more than 90% of multifamily sales of at least $300 million in the region over the past seven years. Notable transactions include the $925 million sale of Westlake Village Apartments in the Bay Area.

This strategic expansion follows Newmark's rise to third place in Multifamily sales volume in 2024. The new hires will be split between San Francisco and Orange County offices, furthering Newmark's goal of becoming the nation's leading Multifamily Capital Markets provider.

Positive

• Acquisition of top team with $100B+ transaction history
• 90% market share in Western U.S. large multifamily deals
• Third-place ranking in 2024 Multifamily sales volume
• Strategic expansion in high-value markets (SF and Orange County)
• Proven track record with $925M landmark transaction

Negative

• None.

Landmark Addition of Advisors with $100B in Closed Transactions Furthers Company Trajectory Toward Top Multifamily Capital Markets Provider in the Country 

NEW YORK, March 5, 2025 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the hiring of market-leading multifamily advisors Joseph Smolen, Geoff Boler, Will Purcell, Jonathan Merhaut, Lee Redmond, Eve Loecher and Eugene Chong to join its Capital Markets practice. Smolen and Boler, joining as Executive Vice Chairmen, are known nationally as leading multifamily advisors attached to some of the most significant sales in the country. The two join the Company to take on leadership roles within Newmark's multifamily business and serve on its Multifamily Advisory Council. Purcell and Merhaut join as Vice Chairmen, Lee Redmond joins as a Vice Chairman focused on multifamily financing and Eve Loecher and Eugene Chong join as Senior Managing Directors.

Smolen, Boler, Purcell and Merhaut bring a track record of dominance in both the Western U.S. and on national portfolio sales, with more than $100 billion in closed transactions between them. Over the last seven years, they have been responsible for more than 90% of multifamily sales in the Western U.S. with a transaction size of at least $300 million, including market-moving sales such as the $925 million sale of Westlake Village Apartments in the Bay Area, Kiara in Seattle, Kapilina Apartments on Oahu, and the Park 12 in San Diego. They have also helped lead many of the most important portfolio sales and recapitalizations across the country.

"Newmark has consistently invested in building the nation's leading Multifamily Capital Markets provider, and these additions further strengthen our position," said Barry Gosin, Chief Executive Officer. "Multifamily is one of the most dynamic property types, and by continually expanding our expertise and global reach, we enhance our ability to deliver exceptional advisory and results for our clients."

The seven veterans join from Eastdil Secured. Smolen, Purcell and Loecher will be based in Newmark's San Francisco office, while Boler, Merhaut, Redmond and Chong will be based in Orange County. 

"These individuals bring an incredible level of professionalism, esteem and accomplishment to our company," said Chad Lavender, President of Capital Markets for North America. "Advisors of this level deciding to join Newmark is an endorsement of the momentum and talent we've built."

Newmark's strategic investments in Capital Markets and Multifamily propelled the firm to a third-place ranking in Multifamily sales volume in 2024[1], with further growth planned. The firm has recruited leading multifamily debt originators over the past several months, added investment sales advisor Dean Zander in Century City and has made strategic hires including the nation's leading affordable housing advisory team.

"Newmark's momentum in the marketplace presents a unique opportunity to expand our impact," said Smolen. "The company's values of client-first, tailored service, innovation and integrity provide the perfect foundation for us to continue to grow and thrive."

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. For the twelve months ended December 31, 2024, Newmark generated revenues of over $2.7 billion. As of December 31, 2024, Newmark and our business partners together operated from approximately 170 offices with more than 8,000 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

¹ Real Estate Alert

 

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SOURCE Newmark Group, Inc.

FAQ

What is the total transaction value of deals closed by Newmark's new multifamily team?

The new team brings over $100 billion in closed transactions to Newmark.

What percentage of large Western U.S. multifamily sales did the new NMRK team handle?

They handled over 90% of Western U.S. multifamily sales of at least $300 million in the last seven years.

What was Newmark's (NMRK) ranking in Multifamily sales volume for 2024?

Newmark achieved third place in Multifamily sales volume in 2024.

What was the largest notable transaction mentioned in the new NMRK team's portfolio?

The $925 million sale of Westlake Village Apartments in the Bay Area.

Where will the new Newmark (NMRK) multifamily team members be based?

The team will be split between Newmark's San Francisco and Orange County offices.