Norman Sturner’s MHP lets go of more than half its brokers

The firm is keeping on its property management and sales teams, CEO says

TRD New York /
May.May 20, 2020 05:12 PM
Norman Sturner and David Sturner of MHP Real Estate Services (Credit: Getty)

Norman Sturner and David Sturner of MHP Real Estate Services (Credit: Getty)

Norman Sturner’s MHP Real Estate Services is shedding brokers as office leasing activity winds down.

The company, which owns and manages 2.5 million square feet of real estate, has notified 16 tenant-representative brokers in its office leasing arm that their contracts would be terminated as of June 15.

MHP is keeping on the four agents who manage and oversee leasing at the firm’s five properties, as well as six brokers who focus on asset sales and work with institutional investors.

“Sales are accretive to business,” said David Sturner, who as president and CEO runs MHP alongside his father Norman Sturner.

By the end of the year, Sturner believes opportunities will arise to pick up new office buildings at attractive pricing. “We have dry powder to act,” he added.

Norman Sturner, who co-founded what was previously known as Murray Hill Partners in 1971 with Neil Siderow, started out with one apartment building but quickly refocused to office. Since then, the company has bought and sold over 150 properties. Siderow passed away in 2016.

The Sturners sold a majority stake in the company to Miami-based Banyan Street Capital in 2018. Around that time, MHP had 35 brokers and parted ways with longtime brokerage head, David Greene.

As of 2018, MHP and Banyan had a combined property portfolio of over 15 million square feet in the Eastern U.S. In New York, MHP co-owns 180 Maiden Lane with Clarion Partners among other office buildings.

The Sturners and chief financial officer Brett Goldman now have two years left on their contracts.

“I came into this business in 1971, and it was the worst market anybody had seen in years, and we came out in ’75,” the elder Sturner said on Wednesday, ticking off a series of city bust and boom events. “Each time, New York comes back bigger and better than ever.”

The soon-to-be octogenarian deflected rumors about a possible retirement but the younger Sturner quipped, “Stay tuned.”


Related Articles

arrow_forward_ios
180 Maiden Lane with Clarion Partners CEO David Gilbert (red) and MHP Real Estate Services CEO David Sturner (blue) (Credit: Google Maps, Clarion, MHP)

Clarion Partners group lands $372M refi on FiDI tower

Clarion Partners group lands $372M refi on FiDI tower
Former MHP exec David Greene joins LSL Advisors

Former MHP exec David Greene joins
LSL Advisors

Former MHP exec David Greene joins
LSL Advisors
MHP, Banyan Street Capital purchasing Bronx post office from Youngwoo

MHP, Banyan Street Capital purchasing Bronx post office from Youngwoo

MHP, Banyan Street Capital purchasing Bronx post office from Youngwoo
Facing federal scrutiny, HNA in contract to sell 850 Third Ave

Facing federal scrutiny, HNA in contract to sell 850 Third Ave

Facing federal scrutiny, HNA in contract to sell 850 Third Ave
National Debt Relief takes another 30K sf at 180 Maiden Lane

National Debt Relief takes another 30K sf at 180 Maiden Lane

National Debt Relief takes another 30K sf at 180 Maiden Lane
Longtime office broker Gil Robinov dies at 87

Longtime office broker Gil Robinov dies at 87

Longtime office broker Gil Robinov dies at 87
HNA and MHP secure $342M refi at 850 Third

HNA and MHP secure $342M refi at 850 Third

HNA and MHP secure $342M refi at 850 Third
After majority sale to Banyan, Sturner’s MHP scales back

After majority sale to Banyan, Sturner’s MHP scales back

After majority sale to Banyan, Sturner’s MHP scales 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...