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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Newmark Group Inc | NASDAQ:NMRK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.06 | 0.46% | 13.04 | 12.78 | 13.37 | 13.11 | 12.83 | 12.94 | 934,279 | 22:59:00 |
PHILADELPHIA, Aug. 8, 2024 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces it has arranged a strategic joint venture (the "Venture") between Catalyst Healthcare Real Estate ("Catalyst"), a leading U.S. healthcare real estate development and investment firm, and Heitman, a $50 billion real estate investment management firm. Newmark also helped secure $300 million for such Venture to fund the development pipeline of purpose-built healthcare properties, including medical outpatient buildings, orthopedic centers of excellence and inpatient rehabilitation facilities.
The transaction was led by Newmark's Healthcare Capital Markets group Executive Managing Director Ben Appel, Senior Managing Director John Nero, Executive Managing Director Jay Miele, Senior Managing Director Michael Greeley and Associate Director Ron Ott.
The initial phase includes funding seven ground-up or in-process developments totaling nearly 500,000 square feet, spanning five states and encompassing blue chip tenants such as Ochsner Health, Andrews Medicine, University of Mississippi Medical Center and PAM Health.
"Catalyst works in partnership with its clients to design comprehensive real estate solutions that best support their mission, vision and values of providing better access to care, higher quality outcomes and lasting relationships," said Chad Henderson, Founder/CEO and Managing Partner of Catalyst Healthcare Real Estate.
"The joint venture with Catalyst is another significant milestone in Heitman's 20+ year history of investing in the medical office sector," said Brian Pieracci, Heitman Head of Private Equity – North America. "Medical office offers counter-cyclical qualities as a needs-based asset class, benefitting from secular demand drivers, including aging populations and migration of medical services out of hospitals and into outpatient settings. The properties in the Catalyst portfolio are attractive investments due to the high acuity and strategic uses in the buildings for its major health system tenants."
"Catalyst prides itself on its people, its promise and the quality of its work," added Appel. "The firm has been recognized nationally for both its people, including CEO Chad Henderson, and for the quality of its developments."
"Supporting the growth of many of the nation's leading providers, the Venture further solidifies Catalyst's business plan to execute its ambulatory strategy," added Nero.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. 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 Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
About Catalyst Healthcare Real Estate
Catalyst is a national healthcare real estate development and investment firm. Our platform of integrated real estate deliverables is specifically designed for the ever-evolving landscape of healthcare real estate. Our team seeks to positively impact healthcare with strategic investment in development, acquisition, and strategy services. For more information, please visit catalysthre.com.
About Heitman
Heitman is a global real estate investment management firm with $50 billion in assets under management as of March 2024. Founded in 1966 and headquartered in Chicago, Heitman has 10 offices worldwide and is an active participant in the global real estate property and capital markets. Heitman makes real estate investments through private equity, debt, and publicly-traded real estate securities.
View original content to download multimedia:https://www.prnewswire.com/news-releases/newmark-arranges-300m-joint-venture-between-catalyst-and-heitman-302218175.html
SOURCE Newmark Group, Inc.
Copyright 2024 PR Newswire
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