Eastdil’s Harmon, Spies join Cushman: NYC’s top I-sales team jumps ship

New York /
Oct.October 06, 2016 03:35 PM

Eastdil Secured’s Doug Harmon and Adam Spies, who head the top investment sales team in New York City, are jumping ship to Cushman & Wakefield, sources told The Real Deal.

Harmon TRData LogoTINY and Spies, who joined Eastdil in 1993 and 1999 respectively, have topped TRD’s list of the city’s most successful investment sales brokers for years now. In 2015, Eastdil sold a record $22.7 billion in New York City properties, including the $5.3 billion sale of Stuyvesant Town and Peter Cooper Village to Blackstone Group and Ivanhoe Cambridge. Their deals raked in what TRD estimated to be $65 million to $80 million in commission fees. In 2014, Eastdil Secured brokered nine out of the city’s 10 biggest investment sales.

Cushman, led by CEO Brett White, had been looking to form a large capital markets group. The firm has ranked a distant third when it comes to New York investment sales, doing an estimated $3.4 billion in deals in 2015, according to TRD’s ranking. That’s after acquiring Massey Knakal Realty Services for a reported $100 million at the end of 2014. In 2014, Massey Knakal did an estimated $3.8 billion in deals, while Cushman did just $875 million that year.

The Eastdil team was hired by an executive “at the highest level,” sources said, and senior executives at Cushman were informed of the hires last month. Along with Spies and Harmon, Kevin Donner is also moving over.

At Cushman, Harmon and Spies will both have the title of “Chairman, Capital Markets,” while Donner will be an Executive Managing Director.

The New York Post’s Lois Weiss first tweeted the news of Harmon’s move.

New York-based Eastdil Secured is a wholly owned subsidiary of Wells Fargo Bank. Unlike many other brokerages, the firm uses a salary-and-bonus structure prevalent within financial firms.

Sources said the brokers’ sudden exit is likely due to concerns over their compensation packages amid the recent fraudulent accounts scandal at Wells Fargo. Late last month, news broke that the bank’s employees opened 2 million unauthorized bank and credit card accounts. Wells Fargo fired over 5,000 employees in the wake of the scandal, and its stock has taken a pummeling.

Representatives for Eastdil could not be immediately reached.

For the past five years, TRD has ranked Harmon and Spies at the top of New York City commercial sales. In the past few years, the pair have put considerable distance between themselves and their nearest rivals.

So far this year, Harmon and company represented developers Chetrit Group and Clipper Equity in the $1.4 billion sale of the Sony Building and represented Coach in the sale of its equity stake at 10 Hudson Yards, a deal valued at nearly $1 billion, according to CoStar Group.


Related Articles

arrow_forward_ios
Cushman & Wakefield CEO Brett White and CFO Duncan Palmer (Photos via Cushman & Wakefield)

Cushman reports $37.3M loss in Q3

Cushman reports $37.3M loss in Q3
Related chairman Stephen Ross (Getty; iStock; Health Pass) 

Related, Cushman & Wakefield use new app to screen workers for Covid

Related, Cushman & Wakefield use new app to screen workers for Covid
Cushman & Wakefield CEO Brett White and JPMorgan CEO Jamie Dimon (Cushman & Wakefield; Getty)

Cushman’s $3B debt load poses default risk

Cushman’s $3B debt load poses default risk
The Manhattan office market’s overall vacancy rate rose to a 24-year high of 13.3% in the third quarter (iStock)

Cushman & Wakefield paints bleak picture for Manhattan office market

Cushman & Wakefield paints bleak picture for Manhattan office market
Cushman’s Brett White and Newmark’s Barry Gosin (Getty)

Newmark Group rejects Cushman & Wakefield takeover offer

Newmark Group rejects Cushman & Wakefield takeover offer
Cushman and Wakefield CEO Brett White (Getty; iStock; Cushman and Wakefield)

Lawsuits against Cushman & Wakefield target appraisers’ pay

Lawsuits against Cushman & Wakefield target appraisers’ pay
The analysis predicts that office vacancies across the world will continue upward (iStock)

Report: Office market won’t return to glory until 2025

Report: Office market won’t return to glory until 2025
Cushman & Wakefield CEO Brett White and Industrious CEO Jamie Hodari (Industrious; Cushman)

Cushman partners with Industrious in bid to bring the office back

Cushman partners with Industrious in bid to bring the office back
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...