Insight

Exclusive: With big hire, Houston brokerage launches industrial division

April 18, 2018

A Washington, D.C.-based brokerage is launching a Houston industrial division after hiring one of Cushman & Wakefield's longtime brokers.

Cresa recently brought on Will Condrey, formerly of Cushman & Wakefield's prominent industrial team that included Jeff Peden and Scott Miller. In his newly created role as industrial department head at Cresa, Condrey will help to establish the firm's industrial team.

As of now, the tenant representation firm doesn't have any industrial brokers in Houston, Condrey said, adding that he's currently in discussions with several "qualified candidates" to join Cresa's industrial team.

“(Condrey) is a bit of a rising star in our industry and he will immediately play an integral role in expanding our industrial team here in Houston," André Granello, managing principal of Cresa’s Houston office, said in a statement.

During his time at Cushman & Wakefield, Condrey represented major industrial tenants, including Silver Eagle Distributors, the nation’s largest Anheuser-Busch distributor, MetroBank NAComposites One LLC and more. He executed roughly 1 million square feet in new leases and more than 270 land sales worth a collective $823 million, per a Cresa announcement.

As of 2016, Cresa had 13 full-time professionals in its Houston office, per HBJ research. The company's most recent revenue wasn't made available.

Cushman & Wakefield is Houston's sixth-largest commercial real estate brokerage, per HBJ research, when ranked by its number of licensed professionals. As of Jan. 29, the firm had 56 full-time professionals.