Cushman & Wakefield has hired three top Eastdil Secured brokers for a new capital markets division, the firm said Thursday.
Adam Spies, Doug Harmon and Kevin Donner have all left New York-based Eastdil Secured, the real estate investment banking subsidiary of Wells Fargo, to join real estate services firm Cushman & Wakefield, also based in New York.
Harmon and Spies are now chairmen of the firm’s capital markets division, and Donner is executive managing director. It was unclear if any additional professionals are in the group at the present time.
The three executives have executed more than 500 real estate deals totaling more than $200 billion, according to Cushman’s Thursday statement.
“As the recognized leaders in the New York institutional capital markets business, we are pleased to welcome Doug, Adam and Kevin to Cushman & Wakefield,” said Brett White, the firm’s chief executive.
A spokesman for Cushman declined further comment. Eastdil could not be reached.
Cushman’s new team may help the firm gain ground on Eastdil, which has dominated the New York City real estate market – the largest US property market – in terms of investment sales. In property magazine The Real Deal’s annual ranking of the city’s top investment sales firms, Eastdil took the top spot in 2015 with a record volume of $22.7 billion, including the $5.3 billion sale of Stuyvesant Town to Blackstone and Ivanhoe Cambridge, brokered by Harmon.
Eastdil was far ahead of the competition, with the second place firm, CBRE, recording $8.8 billion in New York sales – Cushman, for its part, took third place with $3.4 billion in New York sales in 2015.
TPG-backed real estate firm DTZ bought Cushman last year for $2 billion. White, who was previously the CEO of global real estate firm CBRE, joined DTZ in 2012 and oversaw the merger. He became chairman and CEO of Cushman upon completion of the merger in September 2015.
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