Five more years! Darcy Stacom, Bill Shanahan renew contracts
Amid industry's poaching frenzy, CBRE's top I-sales duo stays put
In a season where a hefty chunk of the city’s investment sales elite have jumped ship to other firms, CBRE’s top duo is staying put.
Darcy Stacom and Bill Shanahan, who run CBRE’s investment sales division in New York, opted to renew their contracts with the brokerage for another five years, The Real Deal has learned. Their contracts are now set to expire in 2022, sources said.
Stacom and Shanahan hold the record for New York City’s biggest-ever investment-sales deal, the 2006 acquisition of Stuyvesant Town-Peter Cooper Village for $5.4 billion. They helm a team that placed second in TRD‘s investment sales ranking in 2016, with $8.8 billion in transactions. Eastdil Secured, which has led the pack for the past several years, did $22.7 billion in deals during the same period.
Stacom’s new title is chairman and head of NYC capital markets, while Shanahan is chairman of NYC capital markets. Both were previously vice chairs.
“We pride ourselves on our record-setting resume,” Stacom, who joined CBRE in 2002 from Cushman & Wakefield, said. “In order to do this effectively, we must be surrounded by the teams who represent the Hudson Yards, the industry’s tech giants, legal juggernauts, and so many more.”
CBRE’s top deals in 2016 included PGIM’s $1.04 billion purchase of a 40 percent stake in 11 Madison and China Investment Corporation’s $683.5 million purchase of a 49 percent stake in One New York Plaza.
The past few months have been notable for a series of major defections at the top of the commercial heap. Doug Harmon and Adam Spies left Eastdil for Cushman in October, and Richard Baxter, Yoron Cohen and Scott Latham left JLL for Colliers International in December.
The big poaches set off the moves of other senior brokers. For example, Marcella Fasulo, who served under Stacom for seven years, left in November to join Harmon and Spies at Cushman.