Brokerage firm will break away from Wells Fargo & Co.
With all the commercial real estate growth in states like Florida and California, is it any wonder that Eastdil Secured has its sights on the Southeastern and Southwestern U.S.?
In announcing its break from Wells Fargo & Co. last month through a management buyout backed by Singapore-based Temasek and Guggenheim Investments funds, officials from the commercial real estate brokerage indicated their geographic focus going forward would be targeted to high-growth states like those in the Southeast.
(Incidentally, the NAIOP Research Foundation report found that growth in Georgia and North Carolina, in particular, while not as robust as Florida’s, topped most other states.)
If that focus comes to fruition in the wake of the deal’s closure, anticipated in the final quarter of this year, Easdil could be a potent competitor.
In addition to its brokerage activities — the firm was the broker on GLP US’s record $18.7 billion sale of industrial assets to New York-based Blackstone Group last month — Eastdil also is among the nation’s 10 largest mortgage originators for commercial projects and multifamily rental communities.