CALABASAS, CA—Marcus & Millichap has promoted Hessam Nadji to senior EVP, GlobeSt.com has learned. He joined the company in 1996 and currently serves as its chief strategy officer and SVP responsible for the company's specialty brokerage divisions as well as research, advisory services and marketing. He now will be responsible as well for overseeing the company's mortgage brokerage operations and certain corporate functions.
Says John J. Kerin, CEO and member of the board of directors, “Hessam has been an integral member of our team during his successful 19 year tenure with the company and was instrumental in crafting our current strategy and growth plan. Given his exceptional leadership track record, we believe he is the perfect choice to take on additional responsibilities as we continue to focus on growing our market share in our core private client business, specialty brokerage divisions and mortgage brokerage division.”
On the company's first quarter earnings call Kerin added, “We congratulate Hessam on his promotion, we're pleased he will be taking on additional responsibilities.”
Prior to joining Marcus & Millichap, Nadji was SVP at Grubb & Ellis.
Marcus & Millichap had a strong first quarter. Revenue increased nearly 28% to over $146 million, due primarily to a surge in real estate brokerage commissions by more than 28%. “The increased revenue came mostly from increased brokerage commissions due to a larger transaction size, on average, and more investment sales,” said CFO Marty Louie.
Added John Kerin, president and CEO, “Our operating metrics were supported by higher productivity of tenured brokers as well as positive results from our experienced broker hiring. Our average brokerage transaction size grew by 19% during the quarter, largely due to these factors.”
Sales volume grew almost 30% to $8.1 billion while the number of transactions rose by more than 14%. Marcus & Millichap's net income more than doubled year-over-year, jumping from $6.8 million to $13.7 million. Earnings per common share increased more than twofold to $0.35 (basic and diluted), as compared to $0.17 in the first quarter of the prior year (basic and diluted). Adjusted EBITDA nearly doubled compared to Q1 2014, soaring to $26.3 million, compared to $13.5 million last year.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
