Newmark Gets Court Approval to Buy Knotel Out of Bankruptcy


By Liz Kiesche, SeekingAlpha

Newmark Group (NASDAQ:NMRK) gets approval from the U.S. Bankruptcy Court to acquire the business of Knotel, a flexible workspace platform, a deal that makes it a competitor with WeWork.

The company expects to close on the transaction soon.

"Flexible workspace has been one of the fastest-growing areas of commercial real estate, and we expect this adaptive model will play an important role in the future of our industry," said Newmark CEO Barry Gosin.

Last month, Newmark reached an agreement with Knotel to buy the business and provide ~$20M in debtor-in-possession financing.


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