CushWake won’t be poaching Eastdil’s LA brokers — at least, for now

Wells Fargo warned CushWake against any further recruiting, citing signed agreements: report

Nov.November 15, 2016 06:00 PM
From left: Douglas Harmon, Adam Spies, and Brett White
From left: Douglas Harmon, Adam Spies and Brett White

After Cushman & Wakefield poached New York powerbrokers Douglas Harmon and Adam Spies from Eastdil Secured last month, there were rumors Cushman would use Eastdil’s offices around the country as its hiring ground. But, according to REAlert, warnings from Eastdil’s parent company Wells Fargo may have halted those plans.

After Wells approached him, Cushman CEO Brett White agreed to avoid recruiting from Eastdil for a year-long period, sources told REAlert. The sources said Wells’ warning was connected to agreements that Spies and Donner signed at Eastdil, limiting their ability to recruit other Wells employees or solicit Wells clients for a period of one year.

Cushman’s business relationships with Wells could also have influenced an agreement. REAlert’s sources said White likely determined it wasn’t worth it to risk losing a massive client.

Refraining from hiring Eastdil brokers does not mean Cushman will stop poaching from other shops. As the TPG consortium that owns the brokerage reportedly prepares Cushman to go public, the firm is selling potential hires on stock options and getting in early on a rising platform.

In Los Angeles, Cushman’s recent hires include Michael Condon Sr. and Michael Condon Jr. from JLL; Steve Algermissen from Collers; Andrew Tashjian from CBRE  and Paul Darrow from Marcus & Millichap.

The recruitment efforts are far from cheap. Sources told REAlert the compensation package Cushman used to lure Harmon and Spies ranged from $75 million to $100 million, which some say included $20 million to each broker upfront. [REAlert]  — Hannah Miet

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