Newmark is on a winning streak, as far as signing high-profile employees, at least. Just a week after acquiring two capital markets executives from Cushman & Wakefield in New York City, Newmark has landed four executives from JLL’s industrial sales team in Dallas. Stephen Bailey and Dustin Volz, former senior managing directors for JLL Capital Markets, will soon join Newmark, along with directors Dom Espinosa and Zach Riebe.
The JLL Dallas industrial sales team leaving for Newmark closed 43 deals last year that accounted for $2.3 billion. Last week, two of NYC’s best-performing capital markets executives, Doug Harmon and Adam Spies, left Cushman & Wakefield for Newmark. Green Street said that the acquisition of Harmon and Spies could help Newmark take a significant share of the New York City market. Harmon and Spies have brokered some of the biggest deals in U.S. real estate history in recent years involving companies like Google, Blackstone, and Brookfield. The duo closed nearly $5.7 billion in transactions in 2022 and has brokered more than $250 billion of deals together since 1997.
Whether any of the executives had non-compete clauses hasn’t been mentioned yet but sometimes surfaces after big employee shakeups in commercial brokerage. Legal fights could ensue if any of Newmark’s recent acquisitions did have non-competes. As I recently reported, the Federal Trade Commission has proposed a rule banning non-compete clauses across the board in U.S. employment. If that ban takes effect, mega-moves of executive talent like this could become even more common.