The group has jumped to Grubb & Ellis Co.'s Dallas-Ft. Worth office, taking with them a combined experience of about 40 years in the industry. Mike Burch, an 18-year broker with Marcus & Millichap, is now a vice president for his former competitor as is Peter Hartnett and Sam Lewis. Hartnett had been with Marcus & Millichap for about eight years and Lewis, better than a decade. Also now part of the Grubb & Ellis multifamily team are new associates Brent Boone and Carrie Holland, former agent associate and research director, respectively, at Marcus & Millichap.
"Good brokers are always trying to transcend themselves into principals," Green explains to GlobeSt.com. "What's more important is it is a compliment to these individuals that other firms are interested in them."
Green says there are no hard feelings with the brokers or Grubb & Ellis. "I wish them all the best of luck. The economics offered was something they couldn't pass up," he says. "The financial offer was significant." He fervently believes client loyalty will prevail.
For Grubb & Ellis, the catch is just part of a business plan "to be a dominant player in the multifamily business in this part of the world," says Jeff Deweese, executive vice president and managing director of the Dallas-Ft. Worth office. He too had worked at Marcus & Millichap before becoming top man for Grubb & Ellis' DFW office. "I knew these people and they knew me," he openly told GlobeSt.com. The five newcomers join Grubb & Ellis veterans Don Ostroff and Will Balthrope.
The Marcus & Millichap ranks are down to "four or five" in the DFW Multi Housing Group, confirms a company official. Three of the team's stars may be gone, but Marcus & Millichap isn't leaving town. The vacancies most definitely will be filled, Green emphasizes. Companywide, there are 250 Multi Housing Group employees in the Encino, CA-based Marcus & Millichap.
As the Grubb & Ellis plan unfolds, Deweese also is laying traps to snag up to four industrial brokers and maybe some office tenant reps from the ranks of competitors in the region. There are six industrial brokers and 13 office tenant reps in the 32-employee DFW office. "There's no number in mind. It's a combination of adding experience where we can," he says. "We're all pretty market driven. We're just trying to get the best group of people here that we can." Grubb & Ellis also employs 40 in Houston and 17 in San Antonio, which also takes in the Austin territory.
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