JLL has lured away yet another dealmaker from competitor Eastdil.
Steven Binswanger, a protégé of Eastdil chief Roy March, is leaving the company to join JLL’s global capital markets team, sources told The Real Deal.
It’s the second time in four months that JLL has picked off Eastdil talent. In August the company hired Drew Isaacson, who had spent about a year there after working on investments at SL Green.
Chris Peck, co-head of JLL’s New York capital markets office, said Binswanger’s client-first approach will fit in well at JLL.
“Steven brings with him more than 15 years of institutional expertise and will have an immediate impact on the New York office and the business globally,” Peck wrote in an email.
Binswanger went to work at Eastdil after graduating from the University of Pennsylvania’s Wharton School in 2010, and during his time there he worked very closely with March to cultivate the company’s biggest clients.
According to people familiar with his time there, Binswanger was Eastdil’s go-to-guy on everything WeWork at the height of the co-working company’s expansion. Binswanger is expected to play a similar role at JLL where he’ll work closely with Mark Gibson, head of capital markets for the Americas, managing relationships with the brokerage’s top clients, which include companies like Blackstone, Brookfield, KKR, TPG and Starwood Capital.
JLL has made a number of notable hires this year. Last month the company hired former Savills president Michael Colacino, who had come off a short-lived stint as head of the struggling startup brokerage SquareFoot.
In September the company poached veteran Savills broker David Carlos, who brought over a team focusing on nonprofits and educational institutions.
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Chicago-based JLL, like all CRE brokerages, has struggled as remote work and rising interest rates have cooled demand for commercial properties. Through the first nine months of the year the company reported revenue of $14.9 billion, down 2 percent from the same period last year.
For its part, Eastdil earlier this year hired JLL’s Jeffrey Davis, who had headed up the company’s hotel sales team. Eastdil arranged last week’s sale of a pair of Fifth Avenue buildings on behalf of Jeff Sutton’s Wharton Properties to entities tied to the Prada retail brand for $835 million — one of the year’s largest investment sales.
A spokesperson for Eastdil declined to comment on Binswanger’s departure.