In the latest of a series of personnel hires, CB Richard Ellis (CBRE) today announced that Darcy A. Stacom and William M. Shanahan will join its investment properties unit to direct building sales, finance and capital markets advisory services in the New York tri-state area. They will be based in CBRE’s New York office.
Stacom and Shanahan arrived from Cushman & Wakefield, where they served as executive vice president and executive director, respectively. At Cushman & Wakefield, Stacom and Shanahan were responsible for the sale and advisory of over $10 billion of commercial real estate and the restructuring of over $2 billion of mortgage and ownership positions. The pair focused most of their attention on the New York market, working with such high-profile properties as 1285 Avenue of the Americas, 830 Third Ave, 417 Fifth Ave., 498 Seventh Ave., 19 West 44th St. and 15 East 26th St.
With the new hires, CBRE plans to become a bigger player in the New York market. "The level of success we desire in New York City has eluded us. This market — the single most important real estate market in the world — has been our Achilles heel," says CBRE President Brett White.
To heal its heel, CBRE is committing $120 million to strengthening its presence in the New York market. Sources, however, will not disclose whether this amount is being rechanneled from within CBRE, or if it is coming from outside sources.
In addition, CBRE in early July added to its ranks Mary Ann Tighe, who most recently served as vice chairman of Insignia/ESG, to serve as president and CEO of the New York tri-state region. Cherrie Nanninga, deputy CFO and director of real estate for the Port Authority of New York & New Jersey (who helped execute Silverstein Properties’ and Westfield America Trust’s net lease of the World Trade Center), and Patrick Murphy, Insignia/ESG’s executive director of New Jersey operations, also joined CBRE. They will hold the positions of COO and executive managing director, respectively.