Eastdil Secured has lost another one of its dealmakers as the company’s executives are reportedly working on a management-backed buyout of the brokerage from parent company Wells Fargo.
Doug Middleton is leaving the company for the competing investment-sales team led by Darcy Stacom and Bill Shanahan at CBRE, Bloomberg reported. Middleton, 34, will join the firm Tuesday.
“This widens our ability to really go after anything from the $50 million to the $5 billion,” Stacom said. “I kind of look at this as the final cornerstone of what I was looking to build out as a deeper capital-markets team.”
The CBRE team is currently marketing the Chrysler Building. Middleton started at Eastdil in 2010 before working his way to director of investment sales.
Eastdil, meanwhile, has lost significant market share since the top i-sales team led by Doug Harmon and Adam Spies departed for Cushman & Wakefield in late 2016. In 2015, Eastdil sold a record $22.7 billion worth of New York properties. In The Real Deal‘s most recent investment sales ranking, CBRE placed second with $6.37 billion in dollar volume last year while Eastdil Secured placed third, with $5.86 billion.
The brokerage last year also saw a hotel team led by Larry Wolfe leave for Newmark Knight Frank.
Eastdil CEO Roy March is reportedly working on a deal with Singapore sovereign wealth fund Temasek Holdings to buy the brokerage from Wells Fargo.
Sources have told The Real Deal that Eastdil will probably look to lock brokers down with contracts ahead of any sale.