NEW YORK CITY—In a move to bolster its corporate servicesbusiness, BGC Partners' Newmark GrubbKnight Frank has just announced plans to acquireExcess Space Retail Services Inc. Further detailsof the transaction, including the purchase price, were notdisclosed. BGC did not return calls for comment by press time.

Excess Space provides real estate disposition, leaserestructuring and lease renewal services, as well as relatedvaluations for retailers nationwide. This acquisition is expectedto enhance and perpetuate growth opportunities for both parties.“Excess Space is admired for its extensive disposition and leaserestructuring experience,” says MichaelIppolito, chairman of Global Corporate Services at NGKF.“It works with top retailers across the nation in critical businesssituations, offering invaluable services that can be scaled to newclients. We are confident that the acquisition of Excess Space willenhance our business, strengthen the services within our globalRetail platform, and bring value to our clients.”

Since its founding over 20 years ago, Excess Space has generatedan estimated $4 billion in cost savings for clients, according tothe firm.

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