Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading full-service commercial real estate business, announced that Douglas Harmon and Adam Spies and members of their industry-leading team have joined the Company. Harmon and Spies will serve as Co-Heads of U.S. Capital Markets for Newmark’s Capital Markets group. As partners for over 20 years, Harmon and Spies are known nationally as the top capital markets leaders, executing some of the most prominent office and residential sales across the country.
“Doug, Adam and members of their long-tenured team joining is a testament to the growth of our platform,” said Barry Gosin, Newmark Chief Executive Officer. “Our Capital Markets advisory business has seen dramatic growth. These hires are expected to amplify Newmark’s strength, upwards trajectory and momentum to become the most trusted and sought-after capital markets firm in the world for both producers and clients. Historically, our investment sales and debt businesses have had a multiplier effect, which drives outsized growth across the Company. We aim to attract and retain the most gifted professionals in every vertical and are hyper-focused on empowering those at the top of their game to continue to provide the best services and the delivery of alpha for their clients in every way.”
The hire of this high-profile sales team underscores the success of Newmark’s growing foothold in capital markets through organic productivity growth, acquisitions, and hires across our increasingly global footprint. Since Newmark’s IPO in 2017, the Company has continued to gain market share in capital markets. We generated $155 billion of overall investment sales and debt transactions over the trailing twelve months ended September 30, 2022, which was up 194% compared with 2017. Comparatively and over the same time period, RCA U.S. investment sales and the MBA Commercial/Multifamily Origination Index were up by 94% and 54%, respectively. i
Harmon and Spies will serve alongside Newmark’s current Co-Heads of U.S. Capital Markets, Kevin Shannon and Robert Griffin, reporting directly to Gosin.
“Doug and Adam represent exceptional and talented additions to our team,” says Robert Griffin, Newmark’s Co-Head of U.S. Capital Markets. “Having professionals with such impressive track records join Newmark is a testament to our growth trajectory and the talent we’ve amassed in our Capital Markets group. I’m excited to see this practice reach ever greater heights.”
“We’ve attracted one of the world’s preeminent capital markets teams-with a stellar 20-year track record-to Newmark’s headquarters in the capital markets center of the world: New York City,” said Kevin Shannon, Newmark’s Co-Head of U.S. Capital Markets. “Professionals of this caliber continuing to place confidence in the Newmark vision is an incredible endorsement of our firm’s excellence in investment sales and debt, one the entire Newmark team can be proud of.”
Harmon, Spies and their team have been involved in most of the world’s largest, highest-profile and record-setting transactions over the last three decades. Harmon and Spies led a team that ranked #1 in capital markets in New York for 2022, closing nearly $5.7 billion2Fii notable transactions for the year, including the $487.5 million sale of multifamily asset 19 Dutch Street and the $850 million sale of the American Copper Buildings. Harmon and Spies advised the sale of the largest office, multifamily and industrial transactions in New York City in the last five years-1 Manhattan West at $2.85 billion, Spring Creek Towers at $1.84 billion and 640 Columbia Street at $330 million, respectively-as well as the $2.4 billion sale of Chelsea Market, one of the largest multi-use building sales in New York City history.
With a career trajectory spanning almost four decades, Harmon is widely recognized as one of the most creative, influential and respected dealmakers in the real estate industry, having completed transactions totaling over $250 billion in value since 1997. Harmon is also the current record holder for several of the highest dollar-per-square-foot sales ever achieved across multiple asset classes. Spies, also a prolific dealmaker, joined Eastdil Secured in 1999, where he became a leading player in the New York investment sales market alongside Harmon. Spies and Harmon grew into the firm’s top rainmakers before moving to Cushman & Wakefield, where they served for the last six years as Chairmen of Capital Markets.
“The deepest bench of commercial real estate talent, across nearly every asset class and business vertical, is at Newmark right now,” said Spies. Harmon added, “In this market, as the industry moves towards planning for the short-term, Newmark remains well-positioned to press forward on its long-term vision as the industry leader. We are excited to start this new chapter and are committed to stamping an indelible mark on the industry.”
The addition of Harmon, Spies and their team is expected to bolster Newmark’s standing, which is already #2 in office, apartment and cross-border capital markets brokerage and #3 in deals over $25 million iii, #1 in alternative real estate asset transactions-seniors housing, student housing, self storage and medical office.iv The firm is a Top-5 GSE (government-sponsored enterprises) lender.