Newmark Group Inc. has secured a long-term property and project management assignment with institutional investor and developer 601W Companies, expanding the relationship through management of more than 21 million square feet of premier office assets across the U.S., including Chicago, New York, New Jersey and Los Angeles.
Newmark secured the assignment through a coordinated effort led by Jesse Van Dyke, executive vice president, Midwest regional market leader, and Richard Holden, president, property management, who worked closely with 601W Companies to develop a customized program aligned with 601W Companies’ operating philosophy, long-term growth objectives and evolving portfolio needs.
“This assignment reflects the continued execution of our strategy to expand Newmark’s recurring revenue businesses while deepening relationships with many of the industry’s most sophisticated owners,” said Luis Alvarado, chief operating officer. “Property management and project management are critical components of our fully integrated platform, creating opportunities to deliver long-term value for clients while strengthening the breadth and durability of our Investor Solutions business.”
The 601W portfolio comprises more than 12 million square feet in Chicago and more than nine million additional square feet across key U.S. markets, including New York City, New Jersey and Los Angeles. Newmark has already begun providing services for 601W’s property at 333 South Grand Avenue in Los Angeles.
Newmark will serve as a strategic operating partner across the portfolio, delivering customized Property and Project Management services through an integrated program designed to support 601W Companies’ ownership objectives, enhance tenant experiences and drive operational performance across the portfolio.
“Having proactively managed our portfolio through COVID — including restructuring and extending financings across our assets — we are well positioned for long-term growth and focused firmly on the opportunities ahead,” said Mark Karasick, Managing Member of 601W. “We were looking for a strategic partner with the platform, talent and flexibility to match that ambition, and we are excited to work with Newmark on our path forward.”
