This week's People of Note includes the following markets: Chicago, Detroit, National, New Jersey, New York City, Phoenix, Washington, DC.
New At the Top: Stettinius Succeeds Burkhart as CEO at Cassidy Turley
By Tim Trainor
Joseph Stettinius Jr. (pictured) was named chief executive officer of Cassidy Turley by the company's board of directors effective immediately. He succeeds Mark Burkhart, who will serve as an ongoing advisor to the company.
Based in the firm's Washington, DC, office, Stettinius has served as president of Cassidy Turley since the company's inception. A respected industry executive, he has held a number of leadership roles for several major firms over his more than 25 years in commercial real estate
, including 13 years at Trammell Crow, prior to its acquisition by CBRE Group.
Before becoming president of the newly formed Cassidy Turley, he was CEO of predecessor firm Cassidy & Pinkard Colliers from March 2007 to February 2010. Prior to that, he was a senior managing director of CBRE Group following its acquisition of Trammell Crow, where he served as area director for Trammell Crow's Mid-Atlantic services business. He also held executive positions at Equity Office Properties Trust and Jones Lang Wootton, a predecessor firm to Jones Lang LaSalle.
As the CEO of St. Louis-based Cassidy Turley Martin Tucker, Burkhart convinced eight regional commercial real estate firms to unify as a single company to form a national platform.
Editor's Note: CoStar's People of Note is published each Friday covering the latest commercial real estate executive level promotions and new hires. Click on the headline of each article to jump to full coverage. Follow the news on Twitter [at] LaurieForbes and [at] TheCoStarGroup.
Becker To Lead Avison Young’s Expansion Into Detroit
By Laurie Forbes
Avison Young expanded its U.S. operations to the Midwest with the opening of an office in Detroit, MI. The new location is the commercial real estate company’s 18th location outside of Canada.
AY recruited 28-year industry veteran James (Jim) Becker as principal and managing director of the office. Becker will oversee day-to-day operations in Detroit and build the firm’s national corporate services platform framework. He will also direct the company’s expansion into Minneapolis and Ohio.
Becker formerly worked for Jones Lang LaSalle’s Canadian practice as international director and president and headed JLL's expansion into Vancouver, Calgary and Ottawa. He also served as market director for the firm in Michigan, Ohio and Minnesota.
Downey Named Vice Chairman at Cushman & Wakefield
By Justin Sumner
Larry Downey has been named vice chairman at Cushman & Wakefield. The title is reserved for an elite few in the firm's offices worldwide. This is the first time the honor has been bestowed on an individual at the Phoenix office in its 25-year history.
Downey has more than 28 years in the commercial real estate industry, specializing in tenant and owner representation. He is known for building lasting client relationships as well as collaborating with coworkers in Cushman offices around the county.
NGKF Adds Helios Capital Advisors
By Justin Sumner
Newmark Grubb Knight Frank expanded its capital services group by adding boutique capital markets advisory firm Helios Capital Advisors, headquartered in Rutherford, NJ.
Steven Schultz (pictured), founding member and CEO of Helios, will lead the expansion of NGKF's Capital Markets Group, along with David Simson, vice chairman and COO of the New Jersey operations. Other former Helios team members joining Schultz at NGKF include Josh Malka and Tony Georgiev as directors, and Joseph Villani as an associate. The team specializes in the disposition of commercial mortgage loans, bank REO and privately owned investment properties
Schultz's career spans more than two decades, during which time he completed transactions involving more than 8 million square feet of real estate with an aggregate trade value of $8 billion. He joins NGKF as a managing director.
The additions are part of NGKF's efforts to expand its capital markets practice nationally. Other recent NGKF appointments to the capital markets team include Conrad Andersen as senior managing director and head of the financial services advisory division and Craig Sherman as senior note sale advisor in Los Angeles, and Andrew Phillips as managing director in New York City.
NEW YORK CITY
Smith Joins Hudson Realty Capital
By Karen Kester
Geoffrey Smith has joined Manhattan-based Hudson Realty Capital LLC as managing director.
In his new role, Smith aims to expand the firm's lending platform within the nation's middle markets. He will work to include more conventional senior and subordinate loans on both transitional and stabilized commercial real estate. He will also manage the syndication and distribution of Hudson's real estate assets.
Smith was previously at Natixis North America LLC, an arm of France's second largest banking group, where he served as a senior managing director for the U.S. Real Estate Finance Group and helped develop a permanent lending program. His career also includes similar positions with Morgan Stanley, JP Morgan and Momura Securities. Smith has closed more than 300 transactions totaling in excess of $6 billion.
Inland American Appoints McGuinness as President
By Laurie Forbes
Inland American Real Estate Trust Inc., a REIT based in Oak Brook, IL, named Thomas McGuinness as president of the company. The commercial real estate veteran’s tenure at Inland spans three decades and multiple leadership positions throughout organization.
As president, McGuinness will be the architect of the firm’s strategic plan and manage day-to-day operations. McGuinness will maintain his current role of president of Inland American Business Manager & Advisor Inc.
He succeeds Brenda Gujral who will focus on her new position as president of Inland Private Capital Corp. She will continue to serve on Inland American’s board.
Inland American buys and develops commercial properties in the United States and Canada. The REIT’s portfolio totals 48 million square feet and includes retail, office and industrial buildings, as well as 9,563 multifamily units and 17,899 hotel rooms.
Layton, Herr Latest to Join Summit Commercial
By CoStar Research
Washington, DC-based Summit Commercial Real Estate recently added Jim Layton and Wesley Herr to its growing roster of brokerage talent.
Layton has joined Summit Commercial as a principal following eight years as a top producer at the former Grubb & Ellis (now Newmark Grubb Knight Frank). An attorney who also holds an MBA in finance, Layton specializes in commercial office leasing, sales, and complex real estate transactions throughout the Washington region. His clients include law firms and lobbyists, technology firms, healthcare providers, corporations, and consulting firms.
Layton said Summit's position as a boutique commercial real estate firm staffed by brokers with deep experience and local connections appealed to him. "I liked the fact that Summit is able to bring principals and senior brokers to every transaction," said Layton. "Its a business model that produces a level of service for clients that larger firms cannot match."
Also joining the firm as principal is Wesley Herr, another former stand out from the defunct Grubb & Ellis. Herr, who has 14 years of office leasing and sales experience, will specialize in tenant representation of Washington-based companies and organizations.
Herr said he too was attracted by the firm's approach to doing business. "It allows each broker the flexibility to provide customized service to every client, while also able to assemble a team of experienced real estate professionals for every transaction."
The pair represent the latest new hires at Summit Commercial following last month's news that longtime Washington real estate executive and broker Petch Gibbons had joined the firm as president
to help build the locally based real estate services company.
Follow the news on Twitter [at] LaurieForbes and [at] TheCoStarGroup. Check out last week's edition of People of Note.