Dallas-based real estate managed services firm RealFoundations, Inc. and its subsidiaries and affiliates have been acquired by publicly traded, New York City-based Newmark Group, Inc.
RealFoundations, a professional services and consulting firm in the real estate sector, is headquartered at 5050 Quorum Drive in Dallas. The company boasts over 500 employees who support 500 companies across the United States, Europe, and the Asia-Pacific region.
Newmark says that RealFoundations has developed a reputation as a premier partner to global investment managers and institutional investors. The Dallas-based company provides data management services, performance analytics, transaction support, valuation services, and strategic consulting.
According to a press release from Newmark, the acquisition will help it expand its Investor Solutions suite, enhancing the division’s ability to provide “market-leading fund and asset management capabilities.”
“We are investing in scaled advisory and managed services capabilities that match the complexity of today’s institutional clients across the full asset lifecycle,” said Barry Gosin, CEO of Newmark Group, Inc. and chairman of Newmark & Company Real Estate, Inc.
The acquisition, says Gosin, will help Newmark grow towards the company’s goal of reaching recurring Management Services and Servicing revenue of over $2 billion by 2029.
“RealFoundations’ consulting and managed services strengthen our ability to offer clients integrated investment services that support performance and client service delivery,” said Lou Alvarado, Newmark’s chief operating officer. “By combining their delivery model and specialized expertise with our capital markets platform, we can help clients scale with even greater speed, efficiency, and insight.”
Welcoming RealFoundations will bring advanced technology, consulting expertise, and a complementary client base, according to Newmark.
Chris Shaida, Founder and Chief Executive Officer of RealFoundations, said joining Newmark represents a “natural next step.”
“We share a commitment to delivering intelligent, client-focused solutions, and with Newmark’s global platform and client relationships, we are poised to broaden our impact and deepen our client relationships,” he said.
The existing RealFoundations leadership will continue to run the new division, which will be branded as Newmark RF.
Terms of the acquisition were not disclosed.