From left: Avison Young's Mark Rose and BCG's Howard Lutnick.
BGC Partners has filed suit alleging that Avison Young, a Toronto-based commercial real estate brokerage, has “illegally looted” business from its recently acquired Grubb & Ellis subsidiary. Avison Young, led by former Grubb & Ellis president Mark Rose, allegedly poached 16 brokers in New York, Chicago, Atlanta and Pittsburgh, according to the complaint, after Grubb & Ellis filed for bankruptcy in February, the suit claims.
Filed Aug. 1 in New York State Supreme Court, the suit alleges that Avison Young poached the South Carolina and Nevada affiliate brokerages from Grubb & Ellis after the BGC acquisition was completed in April. Avison Young has rewarded these brokers, “with full knowledge and recklessness to the consequences-for concealing or stealing business opportunities that belonged to Grubb & Ellis,” the suit states. [more]