At TC, Klein was the executive vice president and principal in charge of industrial and brokerage operations, developing numerous projects and building the company's brokerage services department. At Insignia, Klein is responsible for all lines of business, from property management to property development to brokerage services.
It's been a long time coming for Insignia, which announced back in July that Klein's predecessor, Sonna Durdel, would be taking a sabbatical beginning in September and returning a year later in a brokerage role. When September came and went without a replacement, Durdel delayed her leaving to stay on as a consultant while the search continued.
"The reason the search took so long to come together is that Steven has been with Trammell Crow for 14 years -- or something close to that -- and wanted to make sure he was making the right decision" because he plans on it being a similarly long-term commitment," Bob Shibuya, Insignia's Western Region director, tells GlobeSt.com.
As for why Insignia courted Klein in particular, Shibuya says his experience in development and brokerage "provides a perfect complement" to Insignia's plans for growing the Portland operation. "We have a particular interest in expanding our service delivery platform to include an enhanced brokerage capability," says Shibuya. "As you may recall Steven did that for Trammell; we are very interested in having him develop and execute a similar strategy for us in Portland."
Shibuya would not detail the financial package Klein is receiving. Earlier this year, Shibuya told GlobeSt.com that a package for someone of Klein's caliber would include not only a salary base, but also the ability to earn commissions on deals and the opportunity to personally invest in Insignia's development projects.
Klein, one of the top producing brokers in the Portland market for the last decade and the No. 1 producer in 2001, has 21 years of experience in the Portland commercial real estate market. At Trammell Crow, he was responsible for leasing of the company's industrial property portfolio, completing more than 2.25 million sf of industrial development and coordinating acquisitions and dispositions of more than 2.5 million sf of industrial parks.
During his tenure, Klein was responsible for the development of Alderwood Corporate Center, Tualatin Corporate Center, 212 Corporate Center, Stafford Corporate Center and the upcoming Rivergate Corporate Center, a 488,000-square-foot industrial park set to commence construction in early 2002.
Insignia/ESG has maintained a full-service commercial real estate services presence in the Portland area since it acquired Durdel's development and property management firm Forum Properties in 1997 for several million dollars. The Portland operation now employs 37 professionals and with four million sf currently under its purview ranks among the top five Portland firms in terms of property management and development.
Insignia is currently developing the 227,000 square feet 1201 Lloyd class A office building in Portland's Lloyd District and the 211,000-sf Suntech Corporate Park. Completed projects include Greystone I & II, an office development in Beaverton, and a build-to-suit for Sun Microsystems in Hillsboro.
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