Newmark has named a 45-plus-year industry veteran and former Cushman & Wakefield executive to lead the litigation support practice at its valuation and advisory business as firms deal with some reduced space demand.
Richard Marchitelli has joined Newmark as a senior managing director and litigation support practice leader, Newmark said in a statement, adding that Marchitelli will collaborate with Senior Managing Director Raymond Cirz to expand and lead the specialty practice.
His hiring comes as valuation and advisory business contributed to Newmark’s 9.2% increase in second-quarter management services, servicing fees and others, according to the company’s report at the time.
Across the industry, valuation has only gained in importance after revenue streams have dropped along with occupancy, particularly in office buildings. A number of high-profile buildings in major downtowns have sold for significantly less than their previous acquisition prices, increasing the stakes in this area.
Marchitelli brings expertise in litigation matters related to "challenging or unusual" property disputes, Newmark said, adding that he has a “robust background” in preparing expert reports.
He also has tackled a variety of legal disputes, including those related to economic damages, breach of contract and fiduciary duty, construction defects and delays, shareholder disputes, class certification and lender liability, Newmark said.
Another area of experience is his qualification as an expert witness in various courts, Newmark said.
Marchitelli was a 21-plus-year veteran at Cushman, according to his LinkedIn profile. His career stints also included working for PricewaterhouseCoopers.