By Linda O’Flanagan
Three months after saying he was “full speed ahead” growing the New York division of Grubb & Ellis, Joe Swingle has jumped ship to Cassidy Turley.
Cassidy Turley announced today (Wednesday) that Swingle has joined the firm’s New York office as managing principal. He will work with the firm’s management committee to “further grow and integrate” that office’s service lines.
“Cassidy Turley will capitalize on Joe’s strategic vision and leadership expertise as our New York office continues its expansion and delivery of comprehensive real estate solutions to our clients in the tri-state area,” said Peter Hennessy, president, New York Tri-State region, Cassidy Turley.
“The New York metro area is one of the world’s most dynamic and complex commercial real estate markets and Cassidy Turley is committed to recruiting highly talented professionals and leaders to achieve the goals of our firm’s strategic growth plan.”
Swingle replaced David Arena as executive managing director at Grubb in January 2010. A hands-on and respected property manager, he had been with the firm for his entire real estate career and his clients included big names like Aetna, Citi, Capital One and Nordstrom.
In May, Swingle told REW an $18 million investment from Colony Capital had set Grubb & Ellis up for a growth spurt in New York, where the firm has been successful in growing its brokerage division in a crowded, high profile field.
“I’m very excited,” said Swingle, from the brokerage’s new offices at 1301 Sixth Avenue at the time. “We’re full speed ahead, locally. “It’s all about growth. Everyone wants to get bigger.”
One of the largest U.S. commercial brokerages, Grubb & Ellis hired JMP Securities, an investment bank, earlier this year as an adviser for a possible merger or sale.
In April, the company announced it had received a notice that it was not in compliance with New York Stock Exchange listing standards, which require a $1 per share closing price over 30 consecutive trading days.
The company has seen gains in its revenue, particularly for its brokerage business, but it has still reported losses in recent quarters.
Grubb & Ellis manages around 255 million s/f of property nationwide, with clients that include major global corporations.
The firm had been looking to expand its staff in its Stamford, Conn. office, which reports to Manhattan, and strengthen its presence in Westchester. It was also exploring opportunities in the outer boroughs, although there are no plans to open offices outside of Manhattan.
In September, Grubb & Ellis launched Landauer Valuation Advisory Services, an appraisal service, which now has 25 offices nationwide.
Swingle joined Grubb & Ellis in 1988, after owning a restaurant in New Jersey and realizing that real estate was the most valuable part of his business.