February 10, 2017
BGC Partners Inc. submitted a confidential draft registration statement to the U.S. Securities and Exchange Commission (SEC) to spin off Newmark Grubb Knight Frank (NGKF) as a separate, public company. Under the plan, BGC indicated it would offer Class A common stock in a new subsidiary that will hold BGC’s real estate services business.
Little else was disclosed in the announcement, such as the price range for the offering, the number of Class A shares to be offered, or the date.
NGKF is a full-service commercial real estate platform with BGC’s real estate services segment. Together with its affiliates and London-based partner Knight Frank, NGKF has more than 12,800 employees across more than 370 offices, and manages 250 million square feet.
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