Seth Weinstein and Mitch Wolff, founders of the Dallas-based real estate firm Predium, announced today that their company has reached an agreement to be acquired by New York-based Newmark. With 165 offices on six continents and 2007 revenues in excess of $872 million, Newmark is one of the world’s largest independent real estate service firms. The acquisition enables Newmark to significantly expand its presence in the North Texas commercial real estate market.
“Since its founding in 2002, Predium has grown from just two brokers to more than 30 employees total, which is a testament to the outstanding brokerage, corporate service and portfolio management capabilities we provide,” said Weinstein. “We decided that the best way for us to continue this outstanding growth pattern was to join an organization with the global presence and resources necessary to serve the needs of today’s biggest clients. Our name is changing, but the service and market insight we provide-now backed by the resources of Newmark-will remain the same. We look forward to helping one of the industry’s biggest companies become a key player in the Dallas/Fort Worth area.”
“Newmark has maintained an office in the Dallas area for several years, but we believe that the great potential of this region requires a much larger presence,” said Barry Gosin, chief executive officer of Newmark, which also has an office location in Houston that opened in 2002. “When presented with the opportunity to acquire Predium, which has built a strong reputation both locally and nationally, we decided now was the time to act to significantly expand our market coverage in the Dallas/Fort Worth area. As they become integrated into the Newmark family, we are excited about the potential Seth and his team have to grow our office, retail, industrial and investment sales business in North Texas.”
About Newmark
Newmark is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank Newmark operate from over 165 offices in established and emerging property markets on six continents. Last year, transactions were valued at more than $47.6 billion with annual revenues of over $872 million. With a combined staff of more than 6,300, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit www.newmarkkf.com.