ExcessSpace, a Newmark Company, to Advise & Represent the
Global Celebrations Leader
NEW
YORK, March 14, 2024 /PRNewswire/ -- Newmark
Group, Inc. (Nasdaq: NMRK) ("Newmark"), a leading commercial
real estate advisor and service provider to large institutional
investors, global corporations, and other owners and occupiers,
announces that Excess Space Retail Services, Inc., a Newmark
Company ("ExcessSpace"), has been retained by Party City Holdco
Inc. ("PCHI") — a specialty retailer and global leader in the
celebrations and party goods industry— to oversee the PCHI's site
selection and lease renewal programs.
"We look forward to leveraging our history and experience in
effective and diligent tenant representation to ensure that Party
City is well-situated with strategically selected retail locations
and favorable lease terms," said Michael
Wiener, President of ExcessSpace. "We look forward to
leading these programs and continuing to deliver for this iconic
brand."
PCHI has engaged ExcessSpace to optimize its portfolio of over
750 locations nationwide, across 45 states. Focused on its
vision to become the preeminent omnichannel destination for
consumers for all things celebration, PCHI's long-range plan
includes prioritizing efforts on innovation that drives traffic,
strengthening digital and marketing presence, expanding and
upgrading stores, and creating efficiencies across its enterprise.
PCHI recently strengthened its capital structure through a
restructuring, which enhanced its liquidity with a $562 million new exit asset-based lending
facility and a $75 million newly
secured investment to fund go-forward operations and
distributions.
"Through our previous work together, ExcessSpace has
demonstrated that they are best-in-class dealmakers who can provide
expert-level market knowledge and lead strategic negotiations with
the landlords of our national portfolio," said Marc Ehle, Executive Vice President, Enterprise
Operations of PCHI. "As we continue a period of long-term growth of
the brand, we have no doubt that ExcessSpace is best suited to
manage our real estate activity and ensure that we are able to
uphold and expand our positioning as the premier celebrations
provider."
About Party City Holdco Inc.
Party City Holdco Inc. (PCHI) is a global leader in the
celebrations industry, with its offerings spanning more than 70
countries around the world. PCHI is also the largest vertically
integrated designer, manufacturer, distributor, and retailer of
party goods in North America. PCHI
operates across multiple businesses within its Retail Division and
Consumer Products Division. On the retail side, Party City
(partycity.com) is the leading omnichannel retailer in the
celebrations category, operating more than 750 company-owned and
franchise stores. The Consumer Products Division includes design
and manufacturing entity Amscan, an industry leader in celebration
décor, tableware, costumes, and accessories. PCHI is headquartered
in Woodcliff Lake, N.J. with
additional locations throughout the Americas and Asia.
About Newmark
Newmark Group, Inc. (Nasdaq:
NMRK), together with its subsidiaries ("Newmark"), is a world
leader in commercial real estate, seamlessly powering every phase
of the property life cycle. Newmark's comprehensive suite of
services and products is uniquely tailored to each client, from
owners to occupiers, investors to founders, and startups to
blue-chip companies. Combining the platform's global reach with
market intelligence in both established and emerging property
markets, Newmark provides superior service to clients across the
industry spectrum. For the year ending December 31, 2023, Newmark generated revenues of
approximately $2.5 billion. Newmark's
company-owned offices, together with its business partners,
operated from approximately 170 offices with 7,400 professionals
around the world. To learn more, visit nmrk.com or
follow @newmark.
Discussion of Forward-Looking Statements about
Newmark
Statements in this document regarding Newmark
that are not historical facts are "forward-looking statements" that
involve risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements.
These include statements about the Company's business, results,
financial position, liquidity, and outlook, which may constitute
forward-looking statements and are subject to the risk that the
actual impact may differ, possibly materially, from what is
currently expected. Except as required by law, Newmark undertakes
no obligation to update any forward-looking statements. For a
discussion of additional risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see Newmark's Securities and Exchange
Commission filings, including, but not limited to, the risk factors
and Special Note on Forward-Looking Information set forth in these
filings and any updates to such risk factors and Special Note on
Forward-Looking Information contained in subsequent reports on Form
10-K, Form 10-Q or Form 8-K.
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SOURCE Newmark Group, Inc.
