EAST RUTHERFORD, NJ-Two weeks after Cushman & Wakefield had a change at the top, the New Jersey-based firm's executive managing director Gualberto “Gil” Medina is also out, GlobeSt.com has exclusively learned. CBRE Group will reveal tomorrow that it has hired Medina as an executive vice president, according to sources.
Reached at home Tuesday afternoon, Medina confirmed he had left C&W and signed on with CBRE, but did not provide details about the transition, other than to say he was excited to be joining “the largest and the best commercial real estate firm in the region.”
C&W's TriState president Ron Lo Russo said in a prepared statement that Medina has “transitioned out of C&W,” and a well-placed source inside the company added that the veteran executive had not been “poached” by CBRE.
“Cushman & Wakefield is re-evaluating its regional leadership,” Lo Russo said. “We have ambitious plans to grow to maintain our leadership position in the New Jersey market.”
Kim Brennan, senior managing director, will continue to run the firm's New Jersey operations on a day-to-day basis, said Lo Russo.
Medina, who served as the state's Commerce secretary under former Gov. Christine Todd Whitman, was responsible for planning and implementing many of the state's business incentive programs. He also helped set up state strategy for attracting technology companies.
Medina was known to have a strong relationship with Glenn Rufrano, who left his post after only three years. He said Tuesday that he had been “disappointed” to see Rufrano go, and that C&W “seems to be going through some turbulence right now.”
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