UPDATED June 20, 11:25 a.m.: One Commercial hired former NAI Miami CEO Stephen Nostrand as its new chief operating officer and president, a spokesperson told The Real Deal.
In his new role, Nostrand will be responsible for developing and growing One Commercial’s offices in Florida, which “comes at the perfect time in the market cycle,” Nostrand said in the announcement. One Sotheby’s International Realty spun its commercial division into a separate company early last year at the start of the slowdown in Miami’s luxury residential market.
“It doesn’t matter who it is, landlords, tenants, developers, it’s such an extraordinary time [to grow commercial] because there are new demands being made,” Nostrand told The Real Deal, pointing to an expanding and shifting real estate market.
He said he plans to expand the group of 12 brokers at One Commercial.
Nostrand’s 45-year career includes leading NAI Miami for the last two years, and before that was CEO of Colliers International, where his team generated revenues of more than $400 million, according to South Florida Business and Wealth magazine. In his spare time, Nostrand also teaches at the University of Miami’s master’s program for real estate development and urbanism.
Nostrand declined to provide growth figures for his time at NAI Miami citing a confidentiality agreement.
South Florida’s commercial firms are courting and poaching talent from competing brokerages, while brokers are searching for new opportunities amid an evolving market. Colliers and Cushman & Wakefield have been most aggressive in recruiting in South Florida, and are among the top beneficiaries of the disruption in the industry and market, insiders told The Real Deal in the June issue.
On the residential side, a former top producer at One Sotheby’s, Lourdes Alatriste, recently left to join Engel & Völkers. And longtime Fortune International Realty duo Allan Kleer and Fabian Garcia-Diaz left Fortune for One Sotheby’s at the start of the month.