Cushman & Wakefield lured a senior executive, Chris Hipps, away from rival CBRE to lead its growing Texas advisory efforts throughout the Lone Star State.
The Chicago-based real estate services firm hired Hipps after its prior head of the Dallas-Fort Worth market, Doug Jones, abruptly exited the firm in August. Cushman & Wakefield officials did not disclose the details of Jones' departure. Jones has not returned interview requests made by CoStar News.
Hipps is expected to begin his new role as statewide leader of Cushman & Wakefield's advisory business on Jan. 2. In this role, he will lead the firm's Texas brokers as the firm develops new business, adds top talent and expands its client services business. He will be based in Cushman & Wakefield's Dallas office. Hipps was not immediately available to CoStar News for an interview.
Hipps' addition to the Cushman & Wakefield team is an example of the real estate services firm's commitment to the Lone Star State and its importance to the global commercial real estate industry, said Victoria Malkin, Cushman & Wakefield's regional president for the central region.
"Cushman & Wakefield has a long and storied history in Texas, and Chris is the ideal person to lead us into the next chapter," Malkin said in a statement, adding that he is dedicated to helping the firm strategically grow both "organically and through attracting elite talent."
The firm's plans to lure top talent comes as economic uncertainty has roiled the capital markets for real estate and office leasing — and the underlying business fundamentals of the brokerage firms leading would-be deals. This upheaval has led to layoffs and other cost-cutting measures taken by firms in the past year and a half.
Trimming Costs
Like major brokerage shops CBRE and JLL, Cushman & Wakefield has not been insulated from the macroeconomic headwinds. The firm recently parted ways with its head of Los Angeles-area operations as one of its latest moves to trim costs.
Hipps recently was a senior managing director of advisory and transaction services and investor services for CBRE in the Dallas-Fort Worth region. In this role, he integrated brokerage, capital markets and asset services to offer services to institutional and middle-market clients.
He began his career and spent nearly 25 years with Cadillac Fairview and its successors Prentiss Properties Trust and Brandywine Realty Trust, leading regional business from acquisitions to dispositions to development to leasing and management.
In his career, he has overseen the investment sales and operations for a more than $1 billion portfolio across the southwest and western United States.
In a statement, Hipps said he plans to take his longtime experience and parlay that into helping to drive the future growth of Cushman & Wakefield in the state.
"With the industry-leading talent that we’ve long been known for in Texas — and with those who we will add — we’re well positioned to grow market share and redefine client engagement in the Lone Star State," he added.