Newmark Represents Brooklyn Defender Services in 212,000-SF Headquarters Lease at Tishman Speyer's The Wheeler

Newmark (Nasdaq:NMRK) represented Brooklyn Defender Services in a 212,000-square-foot headquarters lease at Tishman Speyer’s The Wheeler in Downtown Brooklyn.

Rhea-AI Summary

Newmark (Nasdaq:NMRK) represented Brooklyn Defender Services in a 212,000-square-foot headquarters lease at Tishman Speyer’s The Wheeler in Downtown Brooklyn. The 31-year agreement consolidates five locations into six full floors and brings the approximately 617,000-square-foot property to full occupancy.

Argus Jun 9 session

+3.40% close to close Open Argus

Details

News Market Reaction – NMRK

In the Jun 9 session, NMRK gained 3.40%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights Newmark’s role in securing a 212,000‑square‑foot long-term headquarters...

Analysis

This announcement highlights Newmark’s role in securing a 212,000‑square‑foot long-term headquarters lease for Brooklyn Defender Services at a fully leased, 617,000‑square‑foot Brooklyn asset. It adds to a recent series of sizable transactions in data centers, offices and industrial redevelopment. Investors may watch how consistently these mandates support revenue growth, alongside regulatory filings showing improved quarterly results and expanded credit capacity.

Key Figures

Headquarters lease size: 212,000 square feet Property size: 617,000 square feet Lease term: 31 years +4 more

Headquarters lease size

212,000 square feet

Brooklyn Defender Services lease at The Wheeler

Property size

617,000 square feet

Approximate size of The Wheeler property

Lease term

31 years

Long-term headquarters lease agreement for BDS

Floors occupied

6 full floors

Portion of The Wheeler to be occupied by BDS

Property stories

10 stories

Height of The Wheeler mixed-use development

Charter school lease

150,000 square feet

Brooklyn Prospect Charter School lease signed in 2025

College campus space

255,000 square feet

St. Francis College relocation space at The Wheeler

Historical Context

5 past events · Latest: Jun 08

5 events

1. Jun 08

   Data center financing

   24h Move

   +0.2%

   Arranged $975 million balance sheet financing for mission-critical data center.

2. Jun 02

   Peer real estate deal

   24h Move

   +3.1%

   Large New York office disposition and land purchases by Empire State Realty Trust.

3. May 22

   Leadership change

   24h Move

   +0.5%

   Appointed new Chief Strategy Officer to guide data, AI and platform growth.

4. May 15

   Office campus sale

   24h Move

   -2.8%

   Arranged sale and financing of 1.4‑MSF office campus, largest DFW office sale YTD.

5. May 06

   Industrial sale

   24h Move

   +1.6%

   Advised on $360 million industrial redevelopment site sale in Newark, NJ.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

mixed-use development, headquarters lease, synthetic leasehold condominium structure

3 terms

mixed-use development technical

"The Wheeler, Tishman Speyer's 10-story mixed-use development located at 422 Fulton Street"

A mixed-use development is a single project that combines two or more types of real estate—such as housing, stores, offices, hotels or entertainment—into one coordinated property or neighborhood. For investors it matters because this blend can spread risk and create steady demand: like a mini-town where residents, workers and visitors support each other, diversified income streams and foot traffic can make returns more stable and help protect value during market swings.

headquarters lease financial

"represented Brooklyn Defender Services ("BDS") in a 212,000-square-foot headquarters lease at The Wheeler"

A headquarters lease is a contract by which a company rents the building or office space it uses as its main corporate base, setting the length, rent payments and responsibilities for upkeep. Investors care because this agreement creates predictable long‑term costs and commitments—like renting a home—that affect cash flow, profitability and flexibility to expand or relocate, and large leases can influence a company’s financial risk and credit profile.

synthetic leasehold condominium structure financial

"under a synthetic leasehold condominium structure."

A financing and ownership arrangement that combines a “synthetic lease” — a setup where a company treats an asset as leased for accounting but as owned for tax — with a condominium-style split of a property’s rights into separate, legally defined units. For investors it matters because this structure can change how property and debt show up on a company’s balance sheet, alter tax bills and shift legal risk, so it can make a company’s financial strength look different than it really is (think of renting a house while keeping the keys for tax or legal advantages).

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, June 9, 2026 /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 Company represented Brooklyn Defender Services ("BDS") in a 212,000-square-foot headquarters lease at The Wheeler, Tishman Speyer's 10-story mixed-use development located at 422 Fulton Street in Downtown Brooklyn.

Newmark Managing Directors Jonathan Franzel and Ryan Gessin and Associate Director Leo Koné represented BDS in the transaction.

"The Wheeler offered Brooklyn Defender Services a rare opportunity to secure a long-term solution consolidating five separate locations into a single headquarters," said Franzel. "The combination of modern infrastructure, large-block availability and immediate proximity to the courts and surrounding communities made the property uniquely suited to support BDS' mission and future growth."

As part of a 31-year lease agreement, BDS will occupy six full floors at the approximately 617,000-square-foot property, under a synthetic leasehold condominium structure.

A nonprofit public defense organization, BDS provides legal representation and advocacy services free of charge to individuals and families throughout Brooklyn. The new headquarters is designed to support collaboration across the organization while enhancing accessibility for both staff and the communities it serves.

"Signing this long-term lease marks a major investment in the future of our organization and the people who make this important work possible," said Lisa Schreibersdorf, Executive Director of Brooklyn Defender Services. "These new headquarters will allow us to provide an inspiring, collaborative and supportive environment for our staff, the people we serve and surrounding communities. This new space strengthens our ability to provide high-quality legal representation and the best possible outcomes for the people we serve for decades to come."

The transaction brings The Wheeler to full occupancy. Current tenants at the property include Brooklyn Prospect Charter School, which signed a 150,000-square-foot lease in 2025 for a new high school campus, and St. Francis College, which relocated its campus to more than 255,000 square feet at the property in 2022.

"We are pleased to welcome Brooklyn Defender Services to The Wheeler," said Tishman Speyer Senior Managing Director Chris Shehadeh. "With its modern workspaces and highly accessible location in the heart of Downtown Brooklyn, The Wheeler proved to be an ideal fit for BDS and its esteemed team of professionals."

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 March 31, 2026, Newmark generated revenues of more than $3.4 billion. As of March 31, 2026, Newmark and its business partners together operated from over 185 offices with more than 9,600 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/newmark-represents-brooklyn-defender-services-in-212-000-sf-headquarters-lease-at-tishman-speyers-the-wheeler-302794545.html

SOURCE Newmark Group, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Newmark (NMRK) announce about the Brooklyn Defender Services headquarters lease?

Newmark announced it represented Brooklyn Defender Services in a 212,000-square-foot headquarters lease at The Wheeler. According to Newmark, the 31-year deal consolidates five existing locations into six full floors in Tishman Speyer’s 10-story mixed-use development in Downtown Brooklyn.

How large is the Brooklyn Defender Services lease Newmark (NMRK) arranged at The Wheeler?

The Brooklyn Defender Services headquarters lease arranged by Newmark totals 212,000 square feet. According to Newmark, BDS will occupy six full floors within the approximately 617,000-square-foot property, providing a long-term space solution and enhancing accessibility to nearby courts and surrounding Brooklyn communities.

What is the lease term for Brooklyn Defender Services at The Wheeler represented by Newmark (NMRK)?

The Brooklyn Defender Services lease at The Wheeler has a 31-year term. According to Newmark, BDS will occupy six full floors under a synthetic leasehold condominium structure, creating a long-term headquarters that consolidates five separate locations into one central Downtown Brooklyn site.

How does the Brooklyn Defender Services lease impact occupancy at The Wheeler?

The Brooklyn Defender Services lease brings The Wheeler to full occupancy. According to Newmark, existing tenants already include Brooklyn Prospect Charter School with 150,000 square feet and St. Francis College, which relocated its campus to more than 255,000 square feet at the property.

Who are the key Newmark (NMRK) brokers involved in the Brooklyn Defender Services lease transaction?

Newmark’s Managing Directors Jonathan Franzel and Ryan Gessin, along with Associate Director Leo Koné, represented Brooklyn Defender Services. According to Newmark, the team helped secure a modern, long-term headquarters solution at The Wheeler, leveraging the property’s large-block availability and proximity to Brooklyn courts.