BGC Partners Inc., a New York brokerage company, started the new year by buying two regional commercial real estate firms, including one in Philadelphia.
Smith Mack, a 28-year-old brokerage with four offices locally, was acquired by BGC, which first got into real estate in October 2011 when it bought Newmark & Co. Real Estate Inc. BGC then scooped up the bankrupt Grubb & Ellis Co. for $47.1 million in April.
In Philadelphia, Smith Mack's operations will become part of BGC's Newmark Grubb Knight Frank commercial real estate advisory business. The Philadelphia operation is managed by J. Robert Clements, the firm's executive vice president and managing director.
Smith Mack's founding partners — Sidney Smith, Jeff Mack and Reid Blynn — were named executive managing directors of Newmark Grubb Knight Frank. A statement released by BGC indicated that "virtually all" of Smith Mack's existing brokerage and advisory professional staff will join Newmark Grubb in offices in Center City, Marlton, Wayne and Wilmington.
"There is not another group of brokers in this market that could complement us so precisely," said Clements in the statement.