Cushman & Wakefield Sonnenblick Goldman is going west as it expands to Los Angeles. And the company is also heading south to Atlanta.
The real estate investment banking firm, under the Cushman & Wakefield banner since last year, said it has taken over part of the space its parent company was already leasing in both cities in order to tap into local financing sources. Sonnenblick Goldman has its headquarters in New York City and has offices in Boston and Chicago.
“In addition to Atlanta being a major growth market, it is home to many major institutional and off-shore investors who have need [for] the sophisticated investment banking services we offer,” said Steven Kohn, president and principal of Cushman & Wakefield Sonnenblick Goldman.
Ron Stiles, head of Sonnenblick Goldman’s western region, said of the L.A. expansion: “Southern California has developed into such a strong market for CWSG that it now requires a direct presence on the ground to augment the servicing from our San Francisco base.”
The firm’s spokeswoman, Jessica Forman, said that the expansion does not indicate that business is slackening in New York City. She said the company wants to have four to six Sonnenblick Goldman executives in each office.
For now, Dan MacDonnell, a managing director, and Stephen O’Connor, a director, have moved from the office in San Francisco to the L.A. office to focus on real estate finance. Michael Ryan, an executive director, transferred to the Atlanta office from Washington, D.C.
The firm has already made inroads into the new markets, arranging acquisition financing for the $8.5 million purchase of two office buildings in Alpharetta, Ga., last year, and negotiating $300 million in refinancing of the Beverly Hilton Hotel in 2006.