BGC Partners, Inc. (NASDAQ:BGCP) is set to enter into an acquisition contract with a retail property company.
The company that was founded by Lutnick will acquire a retail property firm known as Excess Space Retail Services Inc. So far, there have been no details concerning the monetary considerations regarding the acquisitions.
Excess Space deals with services regarding retailer valuations and asset leasing all over the U.S. The acquisition will be at the hands of BBG’S real estate brokerage division, known as Newmark Grubb Knight Frank. The news about the acquisition was released on Monday.
The current acquisition deal comes just a few days after the company entered into a contract to buy a management and property consultancy firm known as Computerized Facility Integration LLC. Excess Space has a wide market ranging from department stores, drug stores, restaurants, banks, and supermarkets.
ES was initiated in 1992 and currently occupies 35.6million square feet of space in the United States and so far has $4 billion in reserves according to one of the sources. The massive space that the company has accumulated is one of its biggest competitive advantages. According to Barry M. Gosin, who is the CEO of Newmark Grubb Knight Frank, the new conglomerate will go a long way in creating multiple services generated to serve the company’s clients. It will also maintain the company’s competitive nature by opening up new grounds.
The acquisition will thus be a stronghold for Excess space to exploit the new ties with the securities dealer. This entails figuring out how to use the BGC’s status to influence its reach. Over a wider spectrum, it Excess Space maintains its impressive performance; it will remain as a valuable asset to BGC Partners, Inc. (NASDAQ:BGCP).
BCG has a strong position as one of the best companies that specialize in derivatives and over-the-counter financial tools. The company broadened its scope into real estate when it bought out Newmark Grubb Knight Frank about four years ago.