A long-established facet of real estate development, nepotism is becoming an increasingly large factor in the commercial brokerage industry, the Wall Street Journal reported, as big-name brokers pass business off to their children and relatives. They’re creating “dynasties” by offering experienced advice, contacts and even entry-level jobs to their descendants.
Take the Stacoms, for example. Darcy and Tara, vice chairmen at CBRE and Cushman & Wakefield, respectively, are the daughters of Matthew Stacom, who the Journal said was instrumental in the leasing of Chicago’s Sears Tower, now the Willis Tower. As previously reported, Darcy last week helped close two small Midtown office buildings. Further, The Real Deal reported, both sisters won top honors at the Real Estate Board of New York’s Most Ingenious Deal of the Year awards. Other families include the Meyers, with Marty Meyer of Colliers International and the Laginestras, with Michael Laginestra of CBRE having children in the business.
Still, some commercial brokerage industry parents say they’re careful to avoid perceived patronage. Mark Rose at Avison Young told the Journal he would not let his 22-year-old daughter work for his firm. Ultimately, brokers told the Journal that a parent’s hand can only help so much in forming these so-called “dynasties” — if the children can’t perform, then they can’t last, they said. [WSJ]