BGC Partners Inc., a securities dealer headed by Howard Lutnick, is buying real estate firm Excess Space Retail Services Inc. for an undisclosed price.
Excess Space, which provides services such as property leasing and valuations for retailers across the U.S., is being acquired through Newmark Grubb Knight Frank, BGC’s real estate brokerage unit, according to a statement Monday. The deal follows the firm’s agreement earlier this month to buy Computerized Facility Integration LLC, a property consulting and management company.
Excess Space provides services to supermarkets, drugstores, department stores, home-furnishings companies, banks and restaurants. The firm, founded in 1992, advises clients on 35.6 million square feet (3.3 million square meters) of retail space in North America and has saved businesses about $4 billion, according to the statement.
“Excess Space is a dominant force in the niche area of real estate dispositions and lease restructurings for retailers,” Barry M. Gosin, chief executive officer of Newmark Grubb Knight Frank, said in the statement. “This union creates a full array of seamless, value-driven services for our clients and elevates our competitive offering to new heights.”
BGC specializes in trading over-the-counter financial instruments and related derivative products. It expanded into commercial real estate services by purchasing Newmark Grubb Knight Frank in 2011.