January 19, 2012
By Barbra Murray, Contributing Editor
It’s not just Manhattan that’s attracting investors to New York, and Marcus & Millichap Real Estate Investment Services has made a move to expand its services in the state with the opening of a new office in White Plains.
J.D. Parker, a Marcus & Millichap vice president who manages the Manhattan and New Haven, Conn., offices as regional manager, will also oversee the new White Plains office. “We’ve been doing business throughout the Northeast for well over a decade now and White Plains is a logical place to have an office in terms of the amount of transactions that are happening in the marketplace,” Parker told Commercial Property Executive. “There’s just a tremendous amount of product in the marketplace, and we feel like it’s underserved from a brokerage aspect in terms of the services that we provide. None of our major competitors in the region have an office there and we think it’s going to give us a distinct advantage to better serve our clients and add market share to what we’ve already done in the region.”
Marcus & Millichap expects to be very active in a variety of commercial real estate sectors in White Plains, including office and industrial sectors — and then some. “We’ve traditionally had a good amount of apartment business in the region that we’ve been running out of our Manhattan office, and we’ve done a fair amount of retail business as well,” Parker said.
A few major factors have gone a long way in increasing White Plains’ prominence as an investment market. The revitalization of downtown has played a major role, and several new high-profile projects currently in the works will continue to draw attention to the area.
Marcus & Millichap has brought in a local heavy-hitter in to spearhead the growth of the White Plains office. The firm snapped up Joseph C. French, formerly of commercial real estate services firm Sperry Van Ness, to do the job. He brings to the table over 25 years of experience in the industry. “We hired Joe and his whole team,” Parker noted. “He is a very well respected broker in the region, he is a proven top producer and it was a natural fit for us.”
And, of course, French will be part of the bigger picture for the firm. “Looking at the rankings, we finished 2011 as the number one real estate company in New York, New Jersey and Connecticut, in terms of total transactions for the year, and certainly Joe French and his team are going to help us in 2012 to retain that title of top broker in the Tri-State area.”
In terms of enlarging its footprint, Marcus & Millichap anticipates setting up shop in other growing markets. Parker said, “We’re looking at other opportunities ongoing to further expand and possibly open another office in the next 12 to 24 months in the region.”