Newmark Group acquires Newmark Grubb ACRES, including Salt Lake office

A global real estate services business has acquired a southwestern firm with which it has had an alliance agreement.

Newmark Group Inc., which operates Newmark Knight Frank (NKF), has acquired ACRES, which has operated as Newmark Grubb ACRES through an agreement with NKF. Financial terms were not disclosed.

ACRES has five offices and 45 broker professionals providing landlord and tenant representation, investment sales and asset management services to nearly 10 million square feet, focusing on the Utah; Boise, Idaho; and Reno, Nevada, markets. It was founded in 2000 by Mike Falk, Kyle Roberts, Paul Keyser, Zach Anderson and Steve Condie.

The Utah offices are in Salt Lake City, Davis/Weber counties and Utah County.

NKF said acquiring ACRES strengthens Newmark Group’s position in the Southwest, solidifying its market share in a key region experiencing robust demand for commercial real estate services.

“NKF’s commitment to acquiring the best expertise in key markets and regions underscores our focus on expanding local and national service offerings, and ACRES fits soundly into our platform of comprehensive services designed to meet the complex and diverse needs of clients,” said Barry Gosin, CEO of Newmark Group. “With its prominence in industrial, office and capital markets and the growth opportunities in the Salt Lake City market and the Silicon Slopes, ACRES is an important addition to NKF.”

“ACRES has wholeheartedly embraced NKF’s diversified national platform and global reach, which has created opportunities for providing greater market coverage and depth of services to its clients, many of which are local and regional investors,” said Greg May, NKF executive vice president and market leader of the West Region.

“Leading operational and recruiting efforts locally will be Managing Director Nick Wood, who has been with ACRES for nearly two decades and has extensive experience on both the brokerage and operations side. ACRES’ success since taking on the Newmark name is a tremendous example of how burgeoning companies thrive under the NKF brand.”

“NKF’s platform bolsters our strength across service lines and is particularly advantageous to our capital markets professionals and clients. We are thriving under the NKF brand,” said Roberts, executive managing director. “I’m looking forward to new opportunities after our acquisition by NKF, including further perfecting our client service delivery while escalating our business operations and continuing to build our team of talented professionals.”

NKF, together with London-based partner Knight Frank and independently owned offices, has 16,000 employees in roughly 430 offices on six continents.