Newmark Acquires Esteemed Boston-Based Firm McCall & Almy
Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark”), a world leader in commercial real estate, announces the acquisition of McCall & Almy, Inc., a leading tenant representation and real estate advisory firm in Boston, renowned for expertise in multi-market corporate and occupier advisory, strategic consulting, lease administration and project management.
“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,” said Newmark’s Chief Executive Officer Barry Gosin. “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.”
McCall & Almy has built its legacy with a focused advisory approach and notable expertise in the office, medical, academic, life science, industrial and retail sectors. The organization is led by President and Founder Bill McCall, who is considered by most to be the dean of Boston’s commercial real estate industry and is the namesake of the Commercial Broker Association’s (“CBA”) ‘McCall Leadership Award’—the top honor for local brokers. Over the past 32 years, the firm’s professionals have completed over 5,000 transactions valued in excess of $50 billion. McCall & Almy has been named one of the ‘Best Places to Work’ by theBusiness Journal for seven of the past eight years. Newmark’s acquisition of McCall & Almy—whose 20 expert professionals serve a roster of many notable, long-time clients—expands the firm’s tenant representation and strategic real estate consulting in the Boston area.
“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,” said McCall. “Newmark is the right fit—our decision was about being in the right place with the right people–in lockstep with our culture.”
“An influential figure in Boston commercial real estate, Bill McCall has built, and leads, an organization with deep tenant representation expertise and an esteemed reputation, operating with a client-first approach above all,” said Newmark’s Chief Revenue Officer and East Region Market Leader Luis Alvarado. “We are thrilled to invite McCall & Almy into our office and further broaden our already robust suite of services in Boston.”
McCall joins with partners David Richardson, Garrett Larivee, Lenny Owens and Neil Schneider, who lead the firm’s Tenant Representation practice, and Jim Canfield, Julie Gray and Sandy Tierney, who lead the company’s real estate advisory practice. Richardson, with over 40 years of industry experience, focuses on downtown high-rise office leasing. Larivee joined the firm in 2007 with expertise in the Boston urban market. 35-year veterans Owens and Schneider–with over 950 and 300 successful transactions, respectively–bring extensive industry knowledge and experience to Newmark’s Tenant Representation practice. Medical, educational and institutional experts Canfield, Gray and Tierney bring a combined century of expertise to the business.
Newmark’s Boston office is anchored by world-class, expert professionals specializing in capital markets, debt & structured finance, landlord and tenant representation, and property management across office, life sciences, industrial, and retail sectors. According to Real Estate Alert, Newmark ranked #1 in office sales in the Boston area—which recorded the highest dollar volume of office capital activity of any market in the U.S.—in 2021.
The McCall & Almy acquisition, which closed April 1, 2022, marks the next U.S. milestone in Newmark’s strategic expansion in key markets. Additionally, Newmark’s recent global announcements comprise acquisitions, hires and agreements across France, Germany, Poland, Hungary, Hong Kong, Dubai and London, where Newmark just acquired BH2, a leading capital markets and leasing real estate advisory firm.
McCall & Almy was advised on the transaction by the investment banking firm BellMark Partners, LLC; and Morgan, Lewis & Bockius LLP acted as McCall & Almy’s legal counsel.