"My goal is to build an investment sales team at Cushman & Wakefield that is second to none," C&W president of US operations Bruce Mosler told GlobeSt.com in an exclusive interview last night. "The ability for us to pick up Scott and Jon bodes very well and we'll continue to build and to grow that department with their help."
Reports of Latham's imminent departure after seven years began circulating last week, closely following the news that Cushman power players Darcy A. Stacom and William M. Shanahan would be jumping to CBRE. Latham worked with Stacom at C&W and if industry rumblings are true there is little love lost between the two.
Latham, also reached by GlobeSt.com by last night, focused on his future at Cushman rather than his past relationship with Stacom. "The fact is, there was a better alternative than staying and working together with Bill and Darcy, and that alternative presented itself at Cushman & Wakefield," he said. "If you look at the landscape in the investment property arena, the big companies have always had one team processing investment sales in the Manhattan marketplace. With the arrival of Darcy and Bill the dynamic changed for us, and it also created a big hole at C&W."
Mosler acknowledged Stacom's contributions to Cushman, but said there was "no urgency in filling that position." He noted, however, that "Scott and Jon represent unique talent. These are two guys who have done $7 billion in sales. They represent a combination of local success, experience and knowledge, and we're fortunate they came along."
Latham said he expects his new duties to closely resemble those he performed at CBRE. "It's pretty much exactly what we've been doing, with a significant platform with respect to New York City business," he told GlobeSt.com. "Cushman and Wakefield is a magnificent platform. Not that CBRE isn't, but I think they're at a disadvantage."
The difference, he stated, is C&W's strong local property management and leasing business. "Those two divisions can drive a lot of business and some of that business ends up being investment sales business. If you do a good job of managing the relationships at that level you are a much more logical choice when it comes to selling the building. Those are things that do not exist at CBRE in New York."
Latham joined CBRE in 1995 after a four-year stint as an executive director with Eastern Consolidated Properties beginning in 1991. As head of CBRE's New York City Investment Properties Group, he negotiated more than $1 billion in commercial real estate sales over the past year. From 1987 to 1981, Latham was part of Cushman's Financial Services Group.
Caplan, with more than 18 years of investment disposition and asset management experience, was hired by CBRE as a managing director, also in the New York City Investment Properties Group. Previously, he was director of investment sales for SSR Realty Advisors, where he also advised on asset positioning and acquisitions. He also held the title of vice president at Chase Manhattan Bank in its Realty Advisors Group and at Eastdil Realty. His disposition assignments total more than $3 billion.
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