Newmark Group files $100 million IPO, Xceligent CEO is fired

Mensch:
Noun. A decent, upright, mature and responsible person.

Schlemiel:
Noun, slang. An awkward, clumsy, or unlucky person whose endeavors tend to fail. A loser.

Mensch of the Week:

Newmark Group

Newmark Group, a New York-based commercial real estate advisory firm, expects to raise $100 million in an initial public offering. Parent company BGC Partners includes Berkeley Point mortgage firm and Newmark Knight Frank Group.

CEO Howard Lutnick announced back in June on CNBC for a year-end plan for an IPO, saying:

“Simply by taking it public and separating it we are gonna make our shareholders a whole lot of money”

Newmark is an incredibly fast growing company and should have no problem reaching their goal of $100 million. BGC acquired Berkeley in July for $875 million. BGC Partners acquiring Newmark was the best thing for the firm which now has a compound annual growth rate of 41%. Since then, they have been listed as the fastest growing commercial real estate advisory firm.

Last month Newmark announced it would acquire assets of six Integra Realty Resource offices. Just of a few of the 35 acquisitions over the past six years.

Schlemiel of the Week:

Doug Curry, Ex-CEO of Xceligent

CEO of Xceligent, Doug Curry, has been fired in light of recent events. The Xceligent v CoStar case has had everyone on the edge on their seats. This past week a Pennsylvania judge found a contractor of Xceligent’s guilty of stealing information from CoStar. Not a good look.

Xceligent is a commercial real estate data company. Their competitor, CoStar, sued them in December for systematically stealing their data. In June, Xceligent shot back with an antitrust lawsuit.  This past week RE BackOffice, a contractor of Xceligent, admitted to hacking CoStar’s site.

Curry tried his best to deny all allegations but to no avail. He founded Xceligent in 1999 and claims CoStar is infamous for bullying rivals with lawsuits. According to the Real Deal, sources say the firing has no connection to the recent lawsuit.