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Cassidy Turley BRE’s New Leader Sees Opportunity

CASSIDY TURLEY

BRE COMMERCIAL

President and CEO: Daniel Broderick.

Transaction volume: Approximately $1.2 billion in 2010; $822 million in 2009.

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No. of local employees: 160.

Headquarters: University Towne Center.

Year founded: 1986.

Company description: Commercial brokerage firm representing landlords, tenants and investors.

With real estate markets in a gradual recovery, the new chief of local brokerage firm Cassidy Turley BRE Commercial says his long-term priorities include growing the firm’s brand beyond highly competitive San Diego County, possibly to markets such as Orange County and the Inland Empire.

The firm on March 2 announced San Diego native Daniel Broderick as its new president and chief executive officer, effective March 3.

Broderick has served for the past six years as senior vice president of equity sales at Eastdil Secured LLC, a wholly owned subsidiary of Wells Fargo Bank. Earlier, he worked with locally based Burnham Real Estate Services, now known as Cushman & Wakefield Inc.

In a phone interview, Broderick said much of his tenure with Eastdil involved working with investors from outside the region on purchases of local commercial real estate. In his new job, he said that he’s looking forward to focusing again on local investors and company leaders regarding their business space decisions.

“There’s a very entrepreneurial spirit here, and I see this as a really good opportunity to get back on the service side of things,” he said.

Cassidy Turley BRE Commercial employs approximately 160 at five offices throughout San Diego County, with headquarters in San Diego’s University Towne Center district.

Transactions Rebounding

According to data provided by brokerage firms to the San Diego Business Journal for its 2011 Book of Lists, Cassidy Turley BRE had the second-largest local transaction volume during 2009, at $822 million. That was down from just over $1.5 billion in 2008, reflecting the downturn that hit the entire commercial real estate market during the recession.

While numbers have not been finalized, the privately held company reports that transactions rebounded approximately 40 percent in 2010, to nearly $1.2 billion. Cassidy Turley BRE Chief Operating Officer Jonathan Freeman, who also recently served as interim chief executive, said local transactions, including leasing and purchasing, are projected to rise an additional 10 percent to 20 percent in 2011.

Like other local brokerage firms, the company has reported an uptick in transaction activity in recent months, as the economy and jobs picture gradually improve. Vacant space continues to be absorbed amid a relative halt in new construction of offices, industrial buildings and retail centers.

“The general thing we are seeing is more optimism about the economic climate and a little more certainty among the businesses about what they’re going to be doing moving forward,” Freeman said.

Broderick succeeds John Frager, who left in September following eight years leading Cassidy Turley BRE and its predecessor firm. Frager now heads the office services group at rival real estate services provider CB Richard Ellis Group Inc.

Freeman said Broderick was selected following an extensive search overseen by the company’s board of directors. He noted Broderick’s experience with several property types, including office, industrial, life sciences and multifamily.

In a statement, board member Rick Reeder, who headed the selection committee, cited Broderick’s “record of strengthening systems and teams” that will help take the firm “to the next level.”

Changing Landscape

The past year has been an eventful one for the local firm and the San Diego County commercial brokerage scene. In January 2010, the firm originally known as BRE Commercial ended a long affiliation with Grubb & Ellis Co., to join seven other firms around the nation in forming a network of commercial brokerages branded as Cassidy Turley.

In March 2010, Santa Ana-based Grubb & Ellis re-established its San Diego presence by acquiring local brokerage firm Commercial Realty Advisers.

With national operations based in St. Louis, Cassidy Turley now has independently operated affiliates in 23 U.S. markets.

Broderick started his real estate career in the San Francisco Bay area, working in tenant representation, investment banking and high-technology. He is a member of the board of directors of the San Diego chapter of the National Association of Industrial and Office Properties, and has received national leadership honors from the trade group.

He has also served as a member of the Policy Advisor Board of the University of San Diego’s Burnham Moores Center for Real Estate.

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