Exclusive: Newmark, formerly linked to Lutnick, launches Korea operations

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Exclusive: Newmark, formerly linked to Lutnick, launches Korea operations

Published: 12 Dec. 2025, 19:21 Updated: 14 Dec. 2025, 17:52

PARK EUN-JEE
[email protected]

Audio report: written by reporters, read by AI

The building on the right side is Newmark's New York headquarters. [NEWMARK KOREA]

Newmark, a New York-based real estate advisory firm known for its previous ties with U.S. Commerce Secretary Howard Lutnick, has officially launched operations in Korea, placing the firm in direct competition with existing players including CBRE, JLL and Cushman & Wakefield.

Operating more than 170 offices globally, Newmark is widely considered a leading real estate advisory and brokerage firm.

Lutnick formerly served as chairman of Newmark from 2011, when the firm was acquired by BGC Group, a financial services company he founded, until his appointment as commerce secretary in February. Lutnick has since divested his stakes in both companies, though his son, Kyle Lutnick, remains a director at Newmark.

The Nasdaq-listed brokerage firm also advised the sale of the Trump Organization's rights to its Washington hotel in 2021.

John Pritchard, the managing director and country head of Newmark Korea

John Pritchard, a former Head of Tenant Representation at Cushman & Wakefield Korea and the new managing director and country head for Newmark Korea, told the Korea JoongAng Daily that the firm aims to offer end-to-end services — with an initial focus on advisory and transaction services.

U.S. President Donald Trump, right, and U.S. Commerce Secretary Howard Lutnick listen to a reporter's question in the Oval Office of the White House in Washington on Sept. 19. [AP]

“From the start, the Korea office will focus on core advisory and transaction services — across retail, multinational occupier representation, logistics and industrial leasing — [as well as] sales, capital markets and strategic consulting, supported by specialized teams covering core [...] assets and data centers,” he said, adding that additional service lines such as project management and property management would be incorporated later.

Newmark has also recently opened offices in Hong Kong, Singapore, Dubai and Bangalore, India. According to Pritchard, the recent rise in interest and investment in Seoul's commercial real estate caught the firm's eye and made it consider opening a branch as part of its expansion plan.

“Strategically, Seoul strengthens Newmark’s Asia-Pacific platform by connecting multinational clients [...] and supporting Korean companies and capital in their outbound expansion, positioning Korea as a core growth market within Newmark’s international strategy,” he said.

Pritchard continued that he has set his sights on data center facilities.

“Over the past 5 years, data center investment in Korea has transformed from a historically viewed infrastructure, domestic lead market to an international core investment asset type that has attracted operators, hyperscalers and investment funds that have entered the market in a bullish fashion,” he said.

Seoul continues to see a high demand for business offices in areas including Magok and Sangam-dong, according to the country head. Neighborhoods such as Seongsu-dong and Seoul Forest see a demand for both offices and multipurpose spaces encompassing residential, commercial and cultural facilities.

“The Seongsu-Seoul Forest area has emerged as a new investment destination for office and mixed-use assets, supported by the convergence of content- and design-driven industries with lifestyle-oriented demand,” Pritchard said.

“Taken together, these trends reflect a structural shift in investor preferences, moving beyond traditional location-driven premiums toward noncore markets characterized by strong industry clustering and long-term demand stability.”

BY PARK EUN-JEE [[email protected]]