NEW YORK CITY—In a move that admittedly was made to end confusion surrounding its name, commercial real estate owner and manager Newmark Holdings has changed its name to GFP Real Estate, LLC.
Newmark Holdings, which was founded in 1952 by Aaron Gural and was originally known as Newmark & Co. Real Estate Inc., has been confused by some in the industry with global commercial real estate brokerage and services firm Newmark Knight Frank, which is preparing to move ahead with a public offering this fall. Earlier this year, in a rebranding, the brokerage firm eliminated Grubb from its corporate name and was renamed Newmark Knight Frank. In addition, parent company BGC Partners reported it planned to spinoff Newmark Knight Frank in a public offering sometime in the fall.
In connection with the Newmark Holdings rebranding, Jeffrey Gural will step down as chairman of Newmark Knight Frank and become chairman emeritus, while maintaining his position as chairman of the Gural family’s GFP Real Estate.
The corporate rebranding was announced by the Gural Family leadership that includes chairman Jeffrey Gural, co-CEOs Eric Gural and Brian Steinwurtzel, principal Jane Gural-Senders and general counsel AnnyRose Pahl.
“Everything about this company—our team, our properties, our philosophy, our commitment to our tenants and our partners—remains the same, except the name,” Jeffrey Gural says. “We play an important leadership role in the New York market and we will continue to work closely with our colleagues at Newmark Knight Frank to maintain the highest level of operations.”
He adds that the company’s relationship will continue with Newmark Knight Frank CEO Barry Gosin, who he terms as a “long-time friend and partner in our investments.”
In fact, while the rebranded GFP Real Estate will hopefully end the confusion that surrounded the two companies, the name change will have no impact on the close relationship between the two firms. GFP Real Estate will continue to be located alongside Newmark Knight Frank’s offices at 125 Park Ave.
“We are proud to remain associated with Newmark Knight Frank, and to be forever associated with the company’s genesis and success,” Jeff Gural says. “We look forward to continued growth for both firms with excellence in ownership and management at the heart of GFP Real Estate, and real estate services for Newmark Knight Frank.”
The rebranded GFP Real Estate LLC and its partners own more than 8.8 million square feet of commercial property in New York City and a total of more than 10.2 million square feet in the tri-state region.
Among some of the company’s more notable holdings include the Flatiron Building (175 Fifth Ave.), The Film Center Building (630 Ninth Ave.), 515 Madison Ave., 1560 Broadway and 40 Worth St. GFP Real Estate serves as landlord to more than 2,700 tenants in its portfolio, manages 13.4 million square feet on behalf of itself and other property owners in the region, and employs 80 full-time workers.