For City Connections Realty to strike at the commercial market while it’s hot, it needed direct access to the Rolodex of an industry insider.
The residential brokerage recently hired Ronald Agababian away from commercial brokerage Grubb & Ellis to head Mercer Realty Advisors, its new commercial division.
City Connections already participated in the commercial market, but its business was limited. According to David Schlamm, president of City Connections, the brokerage had three commercial brokers focused on small- to medium-sized office and restaurant leasing.
“Ron had thought about opening up a firm, but it made economic sense to be under my umbrella,” Schlamm said. “He wanted to have his own firm, and we allow that in my business model.”
Focusing on the hottest segments of the commercial market, the new division will work in investment sales, hotel development and office space representation.
Agababian, former senior managing director at Grubb & Ellis, will build the commercial division by capitalizing on his relationships in the industry, he said.
He thinks Mercer Realty Advisors will benefit from its position as a boutique commercial firm. “At a smaller firm, it’s more one-on-one. It’s conducive to developing closer relationships with key clients,” Agababian said. “My clients get me and my input firsthand.”