A slowdown in leasing, sales and loans across the country’s real estate investment landscape is hitting brokerage firms hard, with Newmark reporting significant revenue and earnings depletion in the second quarter.
The brokerage’s total revenues in the second quarter came to $585.8M, Newmark executives said during its earnings call Friday. That marks a 22.4% drop from the same period last year, but a 12.5% increase from this year’s first quarter.
The company reported earnings before interest, taxes, depreciation and amortization of $72.9M, down from $159.5M in Q2 2022, a decrease of more than 50%.
Newmark Chief Financial Officer Mike Rispoli pointed to a 63% drop in U.S. investment sales and a 52%…
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French investor Corum Asset Management has bought a pair of Dublin office properties for about €110M, taking its holdings in Ireland to €575M.
Corum has bought George’s Quay Townhouse in D2 for €80M, a price that represents a yield of about 6.25%. The 105K SF property was bought from Henderson Park and was part of a €400M portfolio of former Green REIT Dublin properties Henderson was trying to sell. Tenants in the building include Fidelity and CIB.
The second purchase was the F1 Building in Cherrywood, D18, which Corum bought for about €30M from Spear Street Capital. The 67K SF building is let to…
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