A system and method for allocating the nearest available physical memory in a distributed, shared memory system. In various embodiments, a processor node may broadcast a memory request to a first subset of nodes connected to it via a communication network. In some embodiments, if none of these nodes is able to satisfy the request, the processor node may broadcast the request to additional subsets of nodes. In some embodiments, each node of the first subset of nodes may be removed from the processor node by one network hop and each node of the additional subsets of nodes may be removed from the processor node by no more than an iteratively increasing number of network hops. In some embodiments, the processor node may send an acknowledgment to one node that can fulfill the request and a negative acknowledgement to other nodes that can fulfill the request.