BGC Partners to Acquire Excess Space Retail Services Inc.
NEW YORK CITY — BGC Partners (NASDAQ: BGCP) has entered into an agreement to acquire Long Island, N.Y.-based Excess Space Retail Services Inc. Currently advising on 35.6 million square feet of retail space in North America, Excess Space provides real estate disposition, lease restructuring and lease renewal services, as well as related valuations for retailers nationwide. Since its formation, Excess Space has generated approximately $4 billion in cost savings for clients. Upon close of the acquisition, the deal is expected to complement and drive future growth opportunity within Newmark Grubb Knight Frank Global Corporate Services, which is BGC Partners’ commercial real estate services brand. Financial details of the agreement were not released.