Newmark Knight Frank, Predium Stamp Buyout

PLANO, TX-As rumored in November 2007, Predium LLP has been sold to Newmark Knight Frank. The six-year-old Predium, now up to 30 employees, has six offices in the US.

Predium founders Seth Weinstein and Mitch Wolff were unavailable to comment prior to deadline as was the Newmark team, but additional details about the deal should be available by day’s end. “Newmark Knight Frank has maintained an office in the Dallas area for several years, but we believe that the great potential of this region requires a much larger presence,” Barry Gosin, CEO of Newmark Knight Frank, says in this morning’s press release. “When presented with the opportunity to acquire Predium, which has built a strong reputation both locally and nationally, we decided now was the time to act to significantly expand our market coverage in the Dallas/Fort Worth area.” The targeted markets are office, industrial and retail leasing and investment sales.

The New York City-based brokerage house has 165 offices on six continents. Its Houston office opened in 2002. The only overlapping cities in both companies’ portfolios are Dallas and New York City. The Predium purchase opens doors in Austin, Chicago, Cincinnati, Denver and San Mateo, CA.

In the press release, Weinstein credited the merger decision to maintaining Predium’s growth pattern and providing additional resources and opportunities for future expansion. “Our name is changing, but the service and market insight we provide–now backed by the resources of Newmark Knight Frank–will remain the same,” he says.

Newmark Knight Frank’s Dallas office, located at 15950 North Dallas Pkwy., has been led by managing principal Rebecca L. Griffin since it opened in 2002 under the Newmark & Co. Real Estate Inc. banner, with the company changing its name to Newmark Knight Frank in 2006. Predium’s North Texas office is located at 7160 Dallas Pkwy. in Plano. The new titles for the Predium team, which includes several high-profile brokers, were unavailable by deadline.