Key markets in the Southeast are now under Newmark’s spotlight after it poached three veteran brokers from CBRE to lead office sales in the region.
The trio — Jay O’Meara, Justin Parsonnet and Ryan Reethof — will lead southeast office investment sales in Atlanta; Nashville, Tennessee; Charlotte and Raleigh, North Carolina; and Florida, the Atlanta Business Chronicle reported.
Known for their expertise in high-profile office property transactions, the brokers bring decades of experience and a strong record of closing landmark deals.
O’Meara and Parsonnet join as vice chairmen, while Reethof steps into the role of senior managing director.
The team’s major transactions include the 2022 sales of Bank of America Plaza, Atlanta’s tallest building, and 3630 Peachtree, a 33-story office tower. Their client roster includes Cousins Properties, Highwoods Properties and Shorenstein.
The strategic hires coincide with an encouraging shift in the office investment market, which has struggled under the weight of high interest rates and the pandemic’s lasting impact on office leasing. Now, with borrowing costs stabilizing and investors searching for undervalued assets, deal activity is beginning to recover.
“We’ve had more phone calls and meetings in the last two to three months with funds that say, ‘I’m ready to play offense,’” O’Meara said.
Office properties in key markets like Atlanta and Nashville are becoming increasingly compelling on a risk-adjusted basis, he said.
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The Southeast region of the U.S. has remained a strong draw for real estate investors due to its economic resilience and demographic growth. Major metro areas such as Atlanta and Charlotte have outperformed other regions in office space demand, making them ideal targets for opportunistic buyers.
Newmark’s focus on expanding its reach and influence in key markets appears well-timed. The firm’s Atlanta office alone completed $7.5 billion in sales and leasing transactions last year.
— Andrew Terrell