LOS ANGELES-Nadel Architects president and founder Herb Nadel has sold an interest in his firm to six employees. It's the first step in his plans to gradually whittle down his share of the firm.
Current Nadel executives Joan Frei, Greg Lyon, Mark Mikelson, Greg Palaski, Tina Tayag, and Patrick Winters will comprise the new ownership group. They officially began the new arrangement on May 17. All are long-time employees of Nadel Architects.
Herb Nadel, who will be age 74 in September, says the six purchased about 31% of the firm, which he formerly owned 100%. “It's my plan to own less than 50% in another four years and then over the next two years, sell down to a point where I will just have a founder's agreement,” he tells GlobeSt.com. “I never intend to retire. I expect to continue working until I am no longer effective.”
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