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Senior leadership at some major commercial real estate firms has seen some big shake ups in recent days.
Newmark (NMRK) Executive Vice President Greg May has left the company in the wake of layoffs announced on Friday. An automated response to May’s former Newmark email address confirmed his departure.
As head of Newmark’s west region market, May was responsible for 12 company offices including Phoenix, Las Vegas and Los Angeles. Newmark’s Los Angeles Region Market Leader Nick DiPaolo will succeed May, according to Connect CRE, which first reported the news on Saturday. May had been with Newmark since 2005 but has worked in the commercial real estate industry since the late 1980s, with other leadership roles at CBRE, USAA Real Estate and Transwestern. DiPaolo has been with Newmark since 2021.
Neither May, DiPaolo, nor representatives from Newmark could immediately be reached for comment.
News of May’s exit from Newmark comes shortly after the departure of Tony Morales from JLL, where he served as senior managing director and office tenant broker based in L.A., CoStar reported earlier this month. Morales had brokered leases as a tenant representative for major companies including DirectTV, Yahoo and William Morris Endeavor and had been with JLL (JLL) for nearly 16 years.
Bob Knakal, a star investment sales broker in New York City, was also abruptly let go from JLL last month after six months at the company, Commercial Observer reported at the time. Knakal is one of the best-known brokers in the nation, with $22 billion in transactions to his name across his career. Sources told CO that JLL made the decision to cut Knakal loose as part of its effort to shift its brokerage strategy away from individual star power toward a more cohesive investment banking approach.
JLL also lost another leader late last year in Carl Muhlstein, who had helmed the real estate giant’s international efforts since 2012. Muhlstein left the company to start his own boutique firm, MuhlsteinCRE, which specializes in consulting on capital markets, leasing and development.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
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