Perspective We have recently dealt with clients who included a requirement that a new recruit sign a broad-gauged “non-compete” agreement as a part of the hiring process, which essentially precluded the individual from working in their area of expertise for one year. In two of these assignments, which involved mid-level professionals in public and private companies, this stipulation turned the recruiting process upside-down, and the candidates ultimately did not take the job (even when the requirement was taken off the table, in one case). Typically, non-compete agreements are more often utilized by service companies and brokerage firms, as well as for C-Suite executives who have significant equity packages. I am not here to question the enforceability of non-competes (many contend that they are actually unenforceable, especially in certain jurisdictions), but I can confirm that it may seriously compromise your ability to hire the candidate of your choice. Candidates asked to sign the clause may instead choose to remain in the market, competing head-to-head with you.
Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders. The views expressed in this article are the author’s own.
Job Opportunities | JONES LANG LASALLE (NEW YORK CITY) Transaction Manager The hire will report to the retail program manager, who is responsible for providing transaction and project management services to a major client. The hire will also coordinate and manage lease transactions including client interface, landlord negotiations, lease negotiations and financial analysis for a geographically dispersed retail portfolio TIAA-CREF (NEWPORT, CA) Associate, RE Asset Management The hire will assist in asset managing real estate equity investments consisting of office, industrial, retail and multifamily located throughout the western US, and assist in negotiating leases with prospective tenants as well as develop strategies and budgets for leasing, marketing, annual operating expenses and capital improvements. ZIFF PROPERTIES, INC. (CHARLESTON, SC) Director of Construction The director of construction is a management level position, reporting to the director of development and supervising construction managers as they are hired. SELECTLEADERS (NEW YORK CITY) Real Estate Account Executive The hire will conduct competitor research using the Internet, sales calls to potential clients, update the sales database to track lead generation and status and mail hard copy brochures to potential clients. | CUSHMAN & WAKEFIELD (AUSTIN, TX) Property Manager This position is for a new medical building in the Austin area. Skills needed include building operating systems, budget development, accounting experience, tenant/ownership interface, experience with new buildings preferred but not required and experience with move-ins and contract services. LOWE ENTERPRISES INC. (WASHINGTON, DC) Analyst This key role provides analytical, modeling, and reporting support to the staff of the Development, Acquisitions, and Asset Management Group(s). Financial analysts perform detailed analysis on residential, office, hotel and mixed-use real estate opportunities. FANNIE MAE (WASHINGTON, DC) Senior Financial Engineer, Business Analysis and Decisions The individual will work with the director of product economics to support business executives and managers at all levels in making better decisions by helping to develop and implement market-based product pricing models for new and existing products. | Promotions | KATZ & ASSOCIATES (PEARL RIVER, NY) Julie Gardner moves up the ladder to vice president, Southeast region. She joined the firm in 2005. | CB RICHARD ELLIS (TYSONS CORNER, VA) Bob Gibbs is promoted to senior vice president. He joined the firm in 1996 and specializes in the sale and leasing of industrial properties. | New Hires | CRESA PARTERS (PARAMUS, NJ) Robert D. Rencarge becomes senior advisor. He previously served in a senior-level position at Colliers Houston & Co. in Parsippany, NJ. STAUBACH CO. (JAMESBURG, NJ) Jon M. Compitello joins the firm as an associate in its industrial services division. He will concentrate on servicing clients in the Central New Jersey/Exit 8A marketplace. | CB RICHARD ELLIS (WAYNE, PA) Chris Kutzler comes on board as a senior associate in its industrial team. His previous experience includes corporate real estate management and the marketing, selling and leasing of industrial facilities in Suburban Philadelphia. INTERCONTINENTAL REAL ESTATE CORP. (BOSTON) The company appoints Christopher Tully to asset manager for its holdings in Texas and North Carolina. Prior to Intercontinental, he was asset manager at ELV Associates, Inc. In addition, May Yi becomes senior property accountant. Prior to joining Intercontinental, she was senior property accountant at CB Richard Ellis/NE Partners. | |
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