Newmark Acquires Boston Brokerage Firm McCall & Almy
McCall & Almy, an independent Boston brokerage that has operated for more than three decades, will now become part of one of the country's largest commercial real estate firms.
Newmark Group has closed a deal to acquire the 20-person firm, which focuses on tenant representation, it announced Thursday. The firms didn't disclose the acquisition price.
Founded in 1990 by Bill McCall and David Almy, McCall & Almy has closed more than 500 deals totaling more than $50B in value, according to the announcement. McCall, a legend in the city's brokerage industry, is the namesake for the Commercial Brokers Association's top annual honor, the McCall Leadership Award.
McCall & Almy has represented tenants in the office, life sciences, medical, academic and industrial sectors. According to the firm's website, its clients have included Raytheon, Bose, Putnam Investments, Harvard University, Massachusetts General Hospital and Partners HealthCare, which it represented in a 750K SF build-to-suit lease at Assembly Row.
In addition to McCall, other firm partners who will join Newmark are David Richardson, Garrett Larivee, Lenny Owens, Neil Schneider, Jim Canfield, Julie Gray and Sandy Tierney, according to the announcement. The firm has 20 total professionals, the announcement said, although it did not indicate whether they will all join the firm. Newmark didn't respond to a request for comment.
"After decades as an independent firm, joining the Newmark platform provides us with the ability to continue to provide best-in-class service while having access to top-tier, far-reaching resources on behalf of our clients, in Boston and beyond," McCall said in a statement. "Newmark is the right fit—our decision was about being in the right place with the right people–in lockstep with our culture."
Investment banking firm BellMark Partners LLC advised McCall & Almy on the deal, and its legal counsel was Morgan, Lewis & Bockius LLP.
The acquisition continues Newmark's growth in major markets around the world. It acquired London firm BH2 in a deal announced Monday, and it said it has also made recent acquisitions, hires or agreements in France, Germany, Poland, Hungary, Hong Kong and Dubai.
"As Newmark continues its growth course, bolstering services in key U.S. gateway cities is paramount. Acquiring firms with best-in-class talent and unparalleled expertise strengthens our client offerings in these markets," Newmark's CEO Barry Gosin said in a statement. "The professionals at McCall & Almy encapsulate these values, with incredible stature and an impeccable corporate client-service reputation in the Boston commercial real estate market."
