Los Angeles-based commercial brokerage DTZ plans to double the number of brokers it employs in the New York City area, offering signing bonuses as an incentive.
The bonuses will amount to roughly 75 percent of the average commissions that the rival firms’ targeted top brokers earned over a three-year period. David Gialanella, who was tapped in July to lead the New York Tri-State region for DTZ, told the Wall Street Journal that his goal is to double – or even triple – the current staff of 65 in New York and 20 in New Jersey over the next year or year and a half.
The firm handled 93,000 square feet of deals in Manhattan in the last year, according to data from CoStar. Using a standard commission formula, those deals would bring in about $2 million in revenue, according to the Journal.
Last month, DTZ replaced its global chief with former Jones Lang LaSalle executive Tod Lickerman, who will run the company as it spins off into a public company, a process that’s slated to be completed by 2015, as previously reported. [WSJ] — Mark Maurer