Cushman & Wakefileld Capital Markets Team Jumping Ship to Newmark Grubb Knight Frank

BOSTON—In a pact that would create a seismic shift in New England’s Capital Markets arena, market sources are claiming that the investment sales team led by Robert E. Griffin Jr., Edward C. Maher Jr and Matthew E. Pullen is pulling up stakes from Cushman & Wakefield in favor of Newmark Grubb Knight Frank. The C&W group is perennial leader in the region for equity sales, this past year eclipsing $7 billion in such transactions along with billions of dollars more in recapitalizations or debt and structured finance agreements. C&W is again enjoying a busy season in 2015 that features a number of marquee transactions or deals under contract.

A large number of other staffers are also said to be heading over, including several top leasing brokers.

“I hear it is a done deal,” one industry veteran conveys to Real Reporter, with another insisting “it is happening today.” Others familiar with the organization insist such is the case, although efforts to contact C&W team members were not immediately successful. Other key members of the team include retail ace Geoff Millerd, an Academic and Medical Practice and multifamily specialist Michael Byrne, mentioned this past week in Real Reporter for having negotiated an agreement with Equity Residential for the apartment REIT to acquire the prized “Sausage Parcel” in Boston’s Seaport District where a 414-unit apartment project already has approvals in place, a pact estimated by some to be in around $37 million.

The future of Cushman’s local office has been in a state of uncertainty since merging with industry rival DTZ even though the C&W brand will be retained. One of the plums of the entire company purchase was the Capital Markets platform led by Griffin, Maher and Pullen that has sold tens of billions of dollars through their strategy, once again leading this past year in New England equity sales with a figure cresting $7.0 billion and including such landmark trades as the Blackstone portfolio sale to Oxford Properties for $1.2 billion (brokered in tandem with Eastdil Secured).

Along with the leadership, C&W’s Capital Markets crew has a deep lineup of brokers, analysts and structured finance experts. One question is just how uniform any change will be in terms of how many team members might join the flight, and whether it will be to the same destination, plus do other professionals such as leasing and management specialists make their own exits. “It’s extensive,” one said of the number of key players leaving.