Cushman & Wakefield Lose Key Pair to Secured Capital

Commercial real estate investment brokers Steve Silk and Jay Borzi, two of property services giant Cushman & Wakefield Inc.’s biggest producers, are leaving to join boutique real estate investment banker Secured Capital Corp.

Silk and Borzi, of New York-based Cushman & Wakefield’s Los Angeles South Bay office, will be senior managing directors and principals at Secured Capital, headquartered in West Los Angeles. Their job will be to help Secured Capital pursue a bigger role in asset sales, one of the company’s primary real estate disciplines.

The team headed by Silk and Borzi has negotiated $3.5 billion worth of office, industrial and retail real estate transactions during the last four years. Among 1999’s nearly $900 million in deals were four sales covering portfolios of mostly West Coast industrial buildings valued at $79 million, $98.6 million, $127.3 million and $193 million.

Joining Borzi and Silk in their move are Ted Tapfer, Joanie Misley and Kimberly Thomas, all of whom will be vice presidents at their new firm. The team recently collaborated with Secured Capital to sell MGM Plaza in Santa Monica to Tishman Speyer Properties on behalf of former owner Maguire Partners.

Market observer Ned Fox, chairman of retail center developer Center Trust and real estate investment company CommonWealth Partners, said the additions will strengthen Secured Capital’s “already-strong presence” in the investment sales arena.

The change of affiliation comes amid a recruiting war for top-producing commercial real estate brokers.

Silk and Borzi will receive ownership stakes in Secured Capital along with their salaries and bonuses.

Cushman & Wakefield manager Brad Cox said he’s sorry to see the team leave, but he expects his company to work on deals with them in the future.

Secured Capital is headed by co-founders Stephen Roth, Charles Toppino and Van Konynenburg and employs 85 in the U.S. and Japan.