Norman Sturner’s MHP Real Estate Services is shedding brokers as office leasing activity winds down.
The company, which owns and manages 2.5 million square feet of real estate, has notified 16 tenant-representative brokers in its office leasing arm that their contracts would be terminated as of June 15.
MHP is keeping on the four agents who manage and oversee leasing at the firm’s five properties, as well as six brokers who focus on asset sales and work with institutional investors.
“Sales are accretive to business,” said David Sturner, who as president and CEO runs MHP alongside his father Norman Sturner.
By the end of the year, Sturner believes opportunities will arise to pick up new office buildings at attractive pricing. “We have dry powder to act,” he added.
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Norman Sturner merges MHP with Miami’s Banyan Street Capital
Norman Sturner, who co-founded what was previously known as Murray Hill Partners in 1971 with Neil Siderow, started out with one apartment building but quickly refocused to office. Since then, the company has bought and sold over 150 properties. Siderow passed away in 2016.
The Sturners sold a majority stake in the company to Miami-based Banyan Street Capital in 2018. Around that time, MHP had 35 brokers and parted ways with longtime brokerage head, David Greene.
As of 2018, MHP and Banyan had a combined property portfolio of over 15 million square feet in the Eastern U.S. In New York, MHP co-owns 180 Maiden Lane with Clarion Partners among other office buildings.
The Sturners and chief financial officer Brett Goldman now have two years left on their contracts.
“I came into this business in 1971, and it was the worst market anybody had seen in years, and we came out in ’75,” the elder Sturner said on Wednesday, ticking off a series of city bust and boom events. “Each time, New York comes back bigger and better than ever.”
The soon-to-be octogenarian deflected rumors about a possible retirement but the younger Sturner quipped, “Stay tuned.”