"Woody is a friend and consummate professional," CBRE vice chairman and general manager, New York City, Joseph R. Harbert says in a statement. "We wish him well. Although we were unable to reach an agreement with him, our clients will continue to be well served by our superb investment sales team, led by Darcy Stacom. This team has closed an average of $1 billion of property sales per year over the past five years, a production total unrivalled in the New York market. Moreover, our New York team is supported by CB Richard Ellis' preeminent global investment sales capabilities, which annually are responsible for more than $50 billion of investment sales transactions."

The move is the latest and highest profile executive addition at Studley since CEO Mitchell Steir and president Michael Colacino took over the leadership of the company last December after a management buyout. John Pantazis was named COO in early July.

"Woody adds a dynamic expertise as well as exciting new business frontier for our company," says Steir.

Among Heller's notable transactions is the sale of the 1.6 million-sf CitiGroup Center in April 2001 for $725 million, and in 1997, the net lease of New York's Rhinelander Mansion to Polo Ralph Lauren for a then record $1,300 per sf. In addition to property sales, Heller also structured participating and/or convertible mortgages, equity joint ventures and note sales, including the 1997 sale of the notes and mortgage encumbering the famed Chrysler Building.