Newmark, KTR merger complete

Real Estate Weekly, Oct 24, 2001

Newmark & Company Real Estate, Inc. has acquired an interest in Koeppel Tener Real Estate Services, Inc., a national, full-service appraisal due diligence firm, and in KTR Environmental Services, Inc. James Kuhn, Newmark's president, and Caleb Koeppel, president of KTR, made the announcement. The companies will now be known as KTR Newmark Real Estate Services LLC and KTR Newmark Engineering Services LLC.

This transaction enables both firms to expand their platforms of service and strengthen their geographic scope.

"The fusion of Newmark and KTR is all about synergy and compatibility," Kuhn said. "Newmark's array of capabilities, from brokerage and property management to retail advisory and commercial asset investment services, will be enhanced by the addition of the nation's finest team of appraisal, due diligence, engineering, and environmental advisory professionals. We also benefit from access to KTR's excellent offices around the US, building our own independent national services platform in a strategic, controlled, and highly profitable manner."

"Newmark is without a doubt one of the most prestigious brokerage services firms in the country," said Koeppel. "By joining forces with such a distinguished company, we will benefit not only from the brand we have built, but from the recognition Newmark has established over the past 70 years."

Koeppel, along with KTR's Terence Tener, director of national services, will continue to oversee the firm's day-today operations.

Headquartered in New York City, with offices throughout the United States, Koeppel Tener Real Estate Services, Inc. and KTR Environmental Services, Inc. comprise a full-service national due diligence company providing underwriting, valuation, environmental, engineering, and real estate tax consulting services. Newmark and KTR have worked together for many years and the two firms have been sharing offices in Los Angeles for more than a year. Newmark plans to utilize KTR's existing offices in Chicago and Dallas as a platform from which to establish a stronger national presence. In turn, KTR will be able to tap Newmark's vast client base across the country.

"The similarity of our business philosophies creates an exceptional synergy between our two firms," noted Barry Gosin, vice chairman and CEO of Newmark. "By establishing this business partnership we will be better positioned to serve our existing customers and help forge relationships with prospective clients throughout the U.S. More important, by adding KTR's exceptional services to our already strong operations, we will be able to fortify our relationships with some of the country's most prestigious institutional clients."