The departure of longtime top dealmaker Robert Griffin from Cushman & Wakefield this week could set off a domino effect that sees hundreds of Greater Boston commercial real estate executives change firms.
Griffin, former president of Cushman & Wakefield’s New England area office, left the company Wednesday, two weeks after the completion of its merger with DTZ. Griffin’s capital markets team including Edward Maher and Matt Pullen have joined Newmark Grubb Knight Frank’s Boston office, and brought dozens of colleagues in Cushman & Wakefield’s sales and brokerage units with them, according to an industry source.
Cushman & Wakefield spokesman Brad Dugard could not confirm a number of departures, but the Boston office currently has 60 brokers post-merger, according to a prepared statement.
The new arrivals would give an instant high-profile boost to Newmark Grubb Knight Frank, which has been a relatively minor player in Boston commercial real estate behind industry leaders CBRE and JLL and the combined DTZ-Cushman entity. Headquartered in New York, the firm most recently had 38 Boston-based employees, according to an employee directory. Michael Edward, managing director of Newmark’s Boston office, did not return messages this week.
The ripples are expected to be felt throughout the region’s commercial real estate brokerages in the coming months.
“This is going to spark a huge game of musical chairs as people see who is displaced and who wants to work with whom,” said Benjamin Sayles, a director at HFF’s Boston office. “This is just the beginning.”
Luis Alvarado was named New England market head for Cushman & Wakefield in early September at the conclusion of the $2-billion merger with DTZ, after which Cushman & Wakefield continues to operate under its own name.
Griffin joined Cushman & Wakefield in 2001 and helped dramatically upgrade its capital markets business. He has brokered deals of approximately $30 billion over the last 30 years in the office, industrial and multifamily sectors including such recent transactions as 75-105 Federal St. in Boston to Rockpoint Group for $326.5 million in July.
“Rob Griffin has been a valuable part of Cushman & Wakefield, and we wish him the best of luck on this new chapter in his career,” Joseph Stettinius Jr., chief executive of Cushman & Wakefield Americas, said in a statement. “Top competitive talent is continually expressing strong interest in joining our team since the announcement of the merger. These professionals have a desire to become a part of a seamless team with a culture that is client focused – where our people are organized to deliver the best results to our clients, and our compensation is aligned with delivering these outcomes along with best in class services.”
