The commercial real estate advisory firm Newmark Group Inc. (NASDAQ: NMRK) has acquired RealFoundations Inc., a Dallas-based global professional services firm focused on the real estate industry through its management consulting and managed services.
RealFoundations has more than 500 employees and supports 500 companies in the US, Europe, and Asia-Pacific. The RealFoundations leadership team will continue to lead the business, which will be branded as Newmark RF and integrated within Newmark’s Investor Solutions group.
The financial aspects of the deal were not disclosed.
“We are investing in scaled advisory and managed services capabilities that match the complexity of today’s institutional clients across the full asset lifecycle,” said Barry Gosin, Chief CEO of Newmark Group and chairman of Newmark & Company Real Estate Inc. “The acquisition of RealFoundations strengthens Newmark’s position as a leading global provider of investor and occupier solutions, advancing our goal to grow recurring Management Services and Servicing revenue to more than $2 billion by 2029.”
“Joining Newmark is a natural next step for our firm,” said Chris Shaida, founder and CEO of RealFoundations. “We share a commitment to delivering intelligent, client-focused solutions, and with Newmark’s global platform and client relationships, we are poised to broaden our impact and deepen our client relationships.”
