Newmark Group has received approval from the U.S. Bankruptcy Court for the District of Delaware to acquire the business of Knotel, a global flexible workspace platform.
Newmark anticipates the acquisition will close shortly.
“Flexible workspace has been one of the fastest-growing areas of commercial real estate, and we expect this adaptive model will play an important role in the future of our industry,” said Newmark Chief Executive Officer Barry Gosin.
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“As a global commercial real estate leader, Newmark believes that our nimble integrated platform, combined with Knotel’s capabilities, will provide superior management and consulting services to corporations and owners around the world. We look forward to completing our purchase of Knotel and welcoming so many of their talented professionals to Newmark,” he added.
The transaction is an asset sale under Section 363 of the U.S. Bankruptcy Code. Newmark will provide an update on the projected financials related to the acquisition on its first quarter 2021 earnings conference call.