EXCLUSIVE: Top Capital Markets Executives In Dallas Leave JLL For Newmark
Four executives from JLL’s industrial sales team in Dallas have decamped for Newmark Group in what has been a busy month of poaching top executive talent from its rivals.
Stephen Bailey and Dustin Volz, former senior managing directors for JLL Capital Markets, along with Directors Dom Espinosa and Zach Riebe, moved over to Newmark on Tuesday, Bisnow has learned.
They will serve as vice chairmen and co-heads of Newmark's Texas industrial capital markets team, according to a Thursday news release confirming the hires.
“We continue to attract top talent to Newmark and are thrilled to welcome these energetic industrial capital markets experts to our growing platform," Ran Holman, executive vice president and Texas market leader for Newmark, said in a statement. "Though these hiring successes in and of themselves are incredible, a key benefit is the lift and connection created across Newmark’s business lines."
Volz joined JLL in 2016 after founding the investment services division at Younger Partners, according to his company bio, which had still not been taken down as of Tuesday evening. Bailey and Espinosa signed on as part of JLL’s acquisition of HFF in 2019. Riebe was hired as an associate in 2018 after working for Altus Group, according to LinkedIn.
Together, the group completed more than $7B in industrial transactions for institutional, corporate and private clients at JLL over the past two years, per Newmark's release. JLL Dallas' industrial sales team closed 43 deals totaling $2.3B in 2022, according to a company report.
“Beginning to end — from vacant land through financing and sale — we pride ourselves in holistically covering the scope of capital markets on behalf of our clients," Volz said in a statement. "We look forward to leveraging our regional relationships and market knowledge to contribute to the strength of Newmark’s national Capital Markets practice."
All four of the executives’ JLL phone lines had been disconnected as of late Tuesday, though their LinkedIn profiles had yet to be updated as of Thursday.
JLL declined to comment.
The news out of Dallas comes as Doug Harmon and Adam Spies, two of New York City’s top-performing capital markets executives, left Cushman & Wakefield for Newmark last week. That shake-up, which included five additional team members, positions Newmark to take an outsize share of the NYC market, according to Green Street.
The DFW team’s most recent deals include the sale of a CanTex Capital-owned, 689K SF, five-property shallow bay portfolio in East Dallas, in which it represented the seller, and the sale of the 418K SF Tradepoint 20/45 industrial facility in Dallas to Lake Washington Partners, representing the buyer. Both transactions occurred in January.
Newmark was the fifth-most-active investment sales brokerage in the U.S. last year with $42.5B in deals, according to Real Estate Alert data reported by The Wall Street Journal.
UPDATE, FEB. 23, 10:21 A.M. CT: This story has been amended to include additional information from Newmark about the hirings.
CORRECTION, FEB. 22, 9:27 A.M. CT: A previous version of this story included a photo of Newmark's former Dallas office. It has been updated.
