December 15, 2020, 10:00 AM
Newmark Group, Inc. (NASDAQ: NMRK) (“Newmark”) is pleased to announce it has entered into an alliance agreement with Ciminelli Real Estate Corporation (Ciminelli), which has been one of Western New York’s leading real estate services providers for nearly four decades.
Under the terms of the agreement, the brokerage group at Ciminelli will operate under the Newmark umbrella as Newmark Ciminelli, providing services across Western New York, including the greater Buffalo and Rochester regions. The alliance will support Ciminelli’s ongoing efforts to expand brokerage services into key markets across Southern Ontario, including Hamilton, Burlington and Niagara Falls.
Kyle Ciminelli, who recently joined the Ciminelli family firm as Executive Vice President after 16 years as a Newmark brokerage professional in New York City, most recently as Executive Managing Director, will lead brokerage strategy for Newmark Ciminelli. Paul Ciminelli, the CEO of the Ciminelli firm, will continue to focus on strategy for its extensive property/asset management, investments and development business.
“This alliance is designed to power new brokerage business for both parties–allowing Newmark to expand into growing markets across Western New York and Southern Ontario, Canada while granting Ciminelli the unique ability to leverage the platform of our global brand as it continues its own expansion,” said Newmark Chief Revenue Officer, Lou Alvarado.
Since its founding in 1981, Buffalo-based Ciminelli has grown its real estate portfolio to include more than 680 properties and 18 million square feet across New York and six other states. Its current leasing assignments in downtown Buffalo include the 430,000-square-foot Fountain Plaza; the 350,000-square-foot Conventus clinical/medical research/office building; the 1.2 million-square-foot Seneca One complex; as well as the Colvin Woods Business Park and Centerpointe Corporate Park in the city’s inner-ring suburbs.
Ciminelli is also an accomplished developer in and around Western New York, having completed projects such as the Conventus complex; 201 Ellicott, a 201-unit housing and retail development currently under construction in downtown Buffalo; Seneca Place, a 175,000-square-foot Class A office/hotel/retail complex in Ithaca, NY; and the 132,000-square-foot Niagara Falls Municipal Complex in Niagara Falls, NY.
“We were looking to bring an integrated platform to our brokerage offerings, and Newmark was the clear choice for so many reasons,” said Kyle Ciminelli. “I know the work ethic and core values virtually mirror ours. Newmark’s global industry reach provides outstanding opportunity to bring new businesses to Western New York. It is our privilege to have Newmark align with our company. Newmark is family to me, and both my father and I are looking forward to the many opportunities that the Newmark connection creates for our clients.”
The agreement comes at a time of brisk growth across the Western New York commercial real estate market. According to Newmark Research, the Buffalo Niagara MSA and Rochester MSA office markets have experienced more than 703,349 square feet of positive absorption year to date, up from 349,449 square feet at year end 2019. Meanwhile, asking rents are now at $15.98/SF, up 8.2% over the last five years. The region is also seeing strong activity throughout its industrial and retail markets, which have vacancy rates of 6.3 percent and 5.6 percent, respectively.
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark
Group, Inc. is a world leader in commercial real estate services, with a
comprehensive suite of investor/owner and occupier services and
products. Our integrated platform seamlessly powers every phase of
owning or occupying a property. Our services are tailored to every type
of client, from owners to occupiers, investors to founders, growing
startups to leading companies. Harnessing the power of data, technology
and industry expertise, Newmark brings ingenuity to every exchange, and
imagination to every space. Together with London-based partner Knight
Frank and independently owned offices, our 18,800 professionals operate
from approximately 500 offices around the world, delivering a global
perspective and a nimble approach. In 2019, Newmark Group, Inc.
generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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