Newmark Group Stock Price, News & Analysis

Newmark Group (NMRK) has arranged significant refinancing deals totaling $1.75 billion for two prestigious Florida resorts owned by Fontainebleau Development. The financing includes a $1.2 billion loan for Fontainebleau Miami Beach and a $550 million loan for JW Marriott Miami Turnberry Resort & Spa, secured through Goldman Sachs and J.P. Morgan.

The Fontainebleau Miami Beach, a 22-acre property with 1,594 guest rooms, features 11 pools, nine dining outlets, and 200,000 square feet of meeting space. It recently completed a new convention center in December 2024. The JW Marriott Miami Turnberry Resort & Spa, spanning 270 acres, includes 685 rooms, two golf courses, and 120,000 square feet of meeting space, following a 2019 renovation.

Newmark Group (NMRK) announced that Executive Chairman Howard W. Lutnick has been nominated by President Donald J. Trump to serve as the 41st U.S. Secretary of Commerce. Upon Senate confirmation, Lutnick will step down from his positions at Cantor, BGC, and Newmark, and divest his interests in these companies to comply with government ethics rules. The divestment is not expected to involve open market share sales. Barry Gosin will continue as CEO, with no changes expected to Newmark's existing corporate structure.

Newmark has facilitated the sale of Preston Commons, a three-building, 427,799-square-foot office campus in Dallas' Preston Center submarket. The property, which is 93% leased, represents the largest office sale in Texas in 2024. The campus has received $24 million in capital investments over the last decade for luxury renovations and enhancements. Located at 8111, 8115, and 8117 Preston Road, the property features high-end amenities including a modern tenant lounge, state-of-the-art board room, upscale restaurant, and outdoor recreational space.

As this press release has been deleted by the news provider, there is no content available for analysis. The original PR appeared to be about Newmark (NMRK) facilitating the sale of a 427,799-square-foot office campus in Dallas' Preston Center submarket, but without the actual content, no detailed summary can be provided.

Newmark has advised Unibail-Rodamco-Westfield (URW) in the €172.5 million sale of a 140,846 square-foot office portion of Les Ateliers Gaîté, located in Paris's Montparnasse district. The buyers are Swiss Life Asset Managers and Norges Bank Investment Management. The property, delivered in 2022, is a mixed-use development featuring retail shops, restaurants, a hotel, housing, and a public library. The office space is under long-term lease to coworking operator Wojo. This transaction, handled by Newmark Deputy Chief Business Officer Emmanuel Frénot, signals a potential recovery in the office segment for 2025.

Newmark announces the $400+ million sale of the 20-story oceanfront W Hotel South Beach in Miami, Florida. The property was sold by Tricap to Reuben Brothers, marking the largest hotel transaction in Miami this year and the newest hotel property to sell since 2021. The 3.85-acre property, located at 2201 Collins Avenue, features luxury restaurants, a full-service spa, and over 200 individually-owned condominiums. The hotel, which opened in 2009, includes amenities such as The Grove, Mr. Chow, and WET Bar restaurants, with ocean views and proximity to luxury retail options.

Newmark Group (Nasdaq: NMRK), a leading commercial real estate advisor, announced its financial results for the three and nine months ended September 30, 2024. The company reported its earnings and declared a quarterly dividend.

Further details, including a complete financial results press release, are available in the 'Media' section on Newmark's website. Investors can access the PDF version of the full press release, a quarterly results investor presentation, and supplemental Excel financial tables.

A conference call to discuss the results is scheduled for today at 10:00 a.m. ET.

Newmark has secured a $315 million refinancing for a national self-storage portfolio owned by TPG Angelo Gordon and Andover Properties. The portfolio comprises 43 assets operating under the Storage King USA brand, spanning 24 markets across 11 states, with over 21,300 units and 3.1 million rentable square feet. The financing was provided by Wells Fargo, Goldman Sachs, and 3650 REIT. The portfolio has demonstrated strong performance with NOI growth exceeding 40% since acquisition. According to Newmark Research, self-storage transaction activity increased 27% from Q1 to Q2 2024.

Newmark has advised on the $162 million sale of The Plaza at Walnut Creek, a 362,399-square-foot office complex in San Francisco's East Bay market. This represents the largest multi-tenant office sale on the West Coast since 2022. The property, sold by Clarion Partners to PSAI Realty Partners, was 93% leased at the time of sale and has maintained a market-leading occupancy of 91% over the last five years. Located at 1331 and 1333 North California Boulevard, the complex consists of two multi-tenant buildings with underground parking, offering strong visibility to over 38,000 passing vehicles daily.