ExcessSpace Retained by Party City to Execute Site Selection and Lease Renewal Programs Nationwide
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.
