Douglas Harmon, Adam Spies Leave Eastdil for Cushman & Wakefield
https://commercialobserver.com/2016/10/big-move-d…
These guys are rain makers--they did $22B in transaction volume in 2015 alone. Jeez. I wonder what the size of the check was from Cushman to jump ship...?
Just for comparison purposes, I have been told from a very trusted source that that Kevin Shannon (formerly from CBRE) got $22M+ in cash plus roughly the same amount in stock from NGKF to bring his team over there.
There has been a ton of huge moves this year across all services lines and product types but this one by far has to be the biggest in terms of fees/revenue. I wonder who is next.
So 22B in total transactions..what type of commission were they looking at it?
Well jee it's so hard to say. Let's be conservative say 25 bps or .0025*22,000,000,000=$55,000,000 revenue to the house. If you wanted to be even more conservative....even 50% of that is over $20M in fees.
I met with an MD over at Eastdil and he told me that they have an IB compensation structure where they pay a salary+bonus so I really don't know how much those guys were making. But I can tell you that Cushman is going to split those fees with them and they're going to be taking home over 55-60% of it maybe more depending on the deal they signed.
That $22B volume is for the entire Eastdil NYC group, not just these guys. Still impressive though.
So Eastdil brokers get a salary?
Holy shit that's a huge loss for Wells. I would love to see what C&W offered them
Stock allocation before C&W IPO. That's the only reason in my mind.
Why did you do this
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