Dive Brief:

• Richard Holden is the new head of an expanded property management division at global commercial real estate company Newmark, the company announced April 14. The expansion puts the company’s facilities management division under Holden’s leadership so building owners can get maintenance and engineering work done from the same division that provides them property management services.
• “We expect our clients to benefit from the synergies between property and facilities management, while also providing owners and occupiers enhanced access to a broader suite of integrated solutions,” said Luis Alvarado, the company’s chief operating officer.
• The move is part of the company’s effort to reach $2 billion in recurring revenue in five years, according to the announcement. Holden, along with Jason Martindale, who was named on the same day as the company’s new global head of facilities management, have proven to be good at leveraging relationships with building owners to expand the services the company provides them, said Elizabeth Hart, president of leasing for North America at Newmark. “Richard and Jason have each helped lead the significant growth of these service lines through a combination of new client wins, expanding existing mandates and cross-selling,” she said. Hart credited the two with helping Newmark over the last four years increase management service revenue by 78% and the amount of square feet the company manages by 74%.

Dive Insight:

Property management and facilities management are related but distinct sides to the relationship the real estate company has with an owner client. 

Property management concerns financing and administrative services, like finding tenants, managing the leasing process, collecting lease payments and handling tenant complaints. Facilities management is related to the physical occupancy side of the space, and includes operation, maintenance, repair and replacement of building components and the mechanical, electrical and plumbing systems. 

The company sees a way of boosting recurring revenue from owner clients by aligning the two sides of the relationship, said Alvarado. “We can optimize operations, drive sustainability and deliver consistent, high-quality solutions that support our clients’ business goals,” he said.

Owners will benefit by working with managers that can offer a range of services more efficiently, Holden said. “This structure allows us to provide a higher level of strategic oversight, ensuring that every asset benefits from a unified approach to operations, cost management and long-term value creation,” he said. 

Holden is a 25-year veteran of commercial real estate. He started at Newmark in 2019 and has served as the company’s U.S. head of property management since early 2021. Prior to joining Newmark, he was executive vice president at commercial real estate consulting firm Davis Partners, a partner at Woodmont Real Estate Services and a property management professional at Grubb & Ellis and RREEF. 

Martindale has been with Newmark since 2023. Earlier, he was with CBRE as its managing director of global workplace solutions, where he delivered multi-site strategic solutions for integrated facilities and project management services, the company said. 

“I look forward to [delivering] solutions that align with our clients’ evolving needs and to provide a more strategic, end-to-end approach to managing their real estate,” Martindale said.