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Newmark has negotiated a 10-year, 24,000-square-foot lease on behalf of KPFF. Founded in 1960 and headquartered in Seattle, KPFF is a multi-discipline engineering firm with offices throughout the United States. Newmark Senior Managing Director Craig Kish represented the KPFF.
KPFF’s Civil Engineering group has been occupying 24,000 square feet at The Bloc since 2016. KPFF’s new space will be located on the 20th floor just below that group for better collaboration. The new space will be available once it is built out in approximately 12 months. Until then, temporary office space at The Bloc will be utilized. All told, approximately 250 employees will now be located at The Bloc in 48,000 square feet of space.
“KPFF engaged Newmark in 2017 with the goal of consolidating its West Los Angeles and Pasadena offices-which totaled just over 30,000 square feet-and relocating to downtown Los Angeles. We successfully subleased its West LA offices and are in the process of subleasing its Pasadena space,” said Kish.
Kish added, “KPFF’s LA-area structural division identified the importance of being located near the growing hub of architecture, construction and other development-related companies in downtown Los Angeles. KPFF also saw the advantage for its employees to have supporting transit options with the 7th Street/Metro Center Station adjacent to the office. This relocation is yet another positive sign of net absorption for downtown and I believe we will see further migration here by others in this industry category over the coming months.”
Located at 700 S. Flower Street, the 33-story office tower at The Bloc totals 720,000 square feet and is owned by The Ratkovich Company.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and Newmark Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.