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Written By Randyl Drummer | CoStar
Howard Lutnick, chairman and chief executive of Newmark parent company BGC Partners, Inc., (Nasdaq: BGCP), this week said he expects the planned spin-off of Newmark as a separate publicly traded company to occur in the fourth quarter.
"We would like to do the initial public offering of Newmark in this calendar year," Lutnick said this afternoon during a presentation at the Sandler O'Neill + Partners Global Exchange & Brokerage Conference in New York City.
"You can assume that's not going to be the summer because it's unlikely we'll take a company public in August, and we're not going to do it at Christmas. Somewhere in late September, October, November would be the kind of time frame we're looking at."
Lutnick said NKF, which dropped the Grubb name from its logo and other branding on its web site and press materials over the weekend, said the company will probably be called simply Newmark by the time the spin off occurs. On Tuesday, Newmark public relations representatives confirmed the return to Newmark, its corporate name before Newmark acquired Grubb & Ellis in April 2012 and rebranded as Newmark Grubb Knight Frank (NGKF).
"We had Grubb, and we'll probably simplify the name. There's (still) too many names in there," Lutnick told analysts at the conference, which is primarily a spotlight for the publicly traded electronic bulletin board trading group that is the core business of BGC and its largest shareholder, investment bank Cantor Fitzgerald & Co.
Posted on 06/13/2017 at 11:19 AM
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