The Real Deal New York

RFR exec Steve Morrows swaps Big Apple for the Big Peach

Firm's former head of office leasing moving to the Atlanta rental market

June 22, 2015 06:00PM

From left: Aby Rosen and Steve Morrows (credit: Steve Friedman)

From left: Aby Rosen and Steve Morrows (credit: Steve Friedman)

He’s swapped the Big Apple for the Big Peach.

Steve Morrows has left his role as head of office leasing for Aby Rosen’s RFR Realty and started his own firm with the goal of developing and investing in rental apartments in the Atlanta area. Morrows’ move came in wake of RFR’s March hiring of commercial brokerage JLL as leasing agent for its 5 million-square-foot office portfolio, according to the Wall Street Journal.

While Morrows was offered the chance to stay with RFR and coordinate the JLL team, he opted to take a severance package and use it as seed money to establish his own operation, DeVanDylan Capital Partners.

With the cost of real estate in New York simply too high for small firms like Morrows’ start-up, he chose Atlanta for its higher cash returns – as well as the warmer weather and better quality of life. Morrows will be moving from a 1,300-square-foot apartment on the Upper East Side to a 5,000-square-foot home in the Atlanta suburbs. [WSJ]Rey Mashayekhi