Rumors may be flimsy. However, they get even more attention when there is little verifiable large-scale activity in the commercial office market on these early summer days.
One of the stories that has captivated the world of commercial brokerage firms for months is Cushman & Wakefield and Newmark, the city's second-largest leasing and sales volume behind leader CBRE. The third brokerage firm is planning to merge. It was part of the glittering gala of the New York Real Estate Commission gathered at the Glasshouse event space on Thursday night.
An insider with a bash said, "I think we had a crater long ago." But another whispered, "It fell apart, but now it's on again."
A Kushman representative refused to talk about the record, but introduced a Bloomberg report almost two years ago that Newmark refused to "acquire" in 2020. No one from Newmark came back to us.
The merger chatter earned additional currency with RealtyCheck's internal chips. Cushman&Wakefield, now based in Vornado's 1290 Sixth Ave., has secretly signed a lease to relocate his office to 220,000 square feet. Brookfield's 660 Fifth Avenue.
According to this intriguing but unconfirmed story, Reese is obscured until the outcome of the discussion on the Cushman-Newmark merger. Brookfield officials admitted that there was "discussion" about the possibility of leasing, but denied that the deal had been signed. The Kushman representative also denied it. But Reese will be another coup of 660 Fifth, which the Macquarie Group recently signed a similar space.
The powerful Kushman team, including Chairman Bruce Mosler of the global brokerage firm, is a renamed and redesigned 660 Fifth leasing agent.
There is an extension of Cushman, 180,000 square feet in 1290 Sixth, and the lease will expire in 2025. Cushman was reported by The Real to be interested in leaving 1290 Sixth when the lease expired. He will trade earlier this month.
The merger of Kushman and Newmark could be the most profitable for Newmark. CBRE, JLL, Cushman and Newmark are the top four internationally ranked companies and are more important than their local position.
