Newmark, JGT Agree to Merge Operations

Newmark is a relative newcomer to the Garden State, having been established just eight years ago. Led by Seena Stein, described by Real Estate New Jersey as the most powerful woman in New Jersey real estate, Newmark has successfully established its national platform here, becoming a key player in the commercial brokerage business.

Woodbridge, NJ-based Jacobson, Goldfarb & Tanzman, meanwhile, dates all the way back to 1920. More recently led by Stan Simon, JGT has raised its profile with such key deals as RMP's 300,000-sf lease in Woodbridge, Comdisco's 301,000-sf build-to-suit in Carlstadt, NJ, and Impower.com's 110,000-sf lease in South Brunswick.

"Newmark JGT is much stronger than the sum of its parts," Simon comments. "We're creating something totally new in New Jersey. This is a clear merger of compatible, independent, entrepreneurial cultures." Simon, who had been JGT's managing principal, will now hold the title of CEO of Newmark JGT of New Jersey.

Stein, meanwhile, will step down from her administrative duties to focus on her real estate practice. She and senior broker Richard Madison will become principals in the combined company. Ironically, Stein and Simon worked together back in the 1980s when she was a senior executive at JGT.

The deal continues Newmark's policy of buying up regional firms around the country and giving the top people at their takeover targets equity in the merged operations. The combined operation will be able to tap into Newmark's New York City and national portfolio accounts. JGT's staff of 25 brokers will all join Newmark JGT, and all of the firm's current partners will become principals in the new venture.

Newmark & Co. itself dates back to 1929 and currently manages and/or leases 46 million sf of commercial space, including nine million sf owned by its principals. Its national markets outside of the tri-state area include Washington, DC and Southern California.