John Corbett, MAI, ASA, MRICS, has joined Newmark Valuation & Advisory (V&A) as a senior managing director and the national practice leader of the Financial Reporting Group. Based in Philadelphia, Mr. Corbett is responsible for oversight of the group, which focuses on meeting the consulting and valuation requirements of clients as prescribed by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB).
Throughout a career spanning more than 25 years, Mr. Corbett has successfully completed valuation and consulting assignments for a wide range of properties, including office buildings, regional malls, shopping centers, apartment complexes, hotels and a variety of industrial/R&D facilities. These studies have been used in real estate portfolio and joint venture valuations, merger and acquisition due diligence support, internal planning, highest and best use analysis, financing, litigation support, sale-leasebacks and insurable value studies.
“John is a consummate professional who can effectively navigate complex financial, accounting, tax, regulatory and legal issues and still meet compressed assignment deadlines” said John Busi, president of Valuation & Advisory. “John’s leadership ability, financial expertise, and depth of relationships in the field will be a significant asset for the Valuation & Advisory Group.”
“Joining the Newmark V&A Group is a great opportunity,” said Corbett. “I look forward to leveraging my financial and oversight experience to effectively serve an expanding client base alongside the Newmark Capital Markets team.”
Mr. Corbett has also assisted public and private clients in the application of Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 805 Business Combinations and FASB ASC 852 Reorganization. In this capacity, he has assisted clients in identifying and measuring both tangible and intangible components of real property at fair value, under the rules prescribed in FASB ASC Topic 820 Fair Value Measurements.
Additionally, Mr. Corbett has advised corporate clients on the fair value of acquired real estate in conjunction with goodwill impairment, acquisitions and bankruptcy financial reporting requirements. He has also valued joint venture partial interests and has worked with some of the largest U.S. pension funds in determining partial interest values in a variety of investment funds. Lastly, Mr. Corbett has performed buy-side advisory and related due diligence work for privately held and public companies.
Prior to Newmark, Mr. Corbett worked for more than nine years at Cushman & Wakefield, where he served as senior managing director and national practice co-leader of the Financial Reporting Practice Group. Previously, Mr. Corbett was a director in the real estate advisory group of a boutique investment bank and financial advisory firm. He also held corporate valuation and consulting positions in the Philadelphia offices of Standard & Poor’s and PricewaterhouseCoopers.
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.