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. [more]