The managing director of the city’s second-largest commercial real estate brokerage has resigned.
David Reed, managing director of the local office of CB Richard Ellis for the last seven years, left the job effective Aug. 31. The local office of Los Angeles-based CBRE has 38 brokers, according to IBJ research, second only to the 48 brokers employed by St. Louis-based Cassidy Turley.
Reed is leaving to work for WisselReed Relocations, an Atlas Van Lines moving and storage franchise he started with his brother-in-law, David Wissel, in 2007.
WisselReed is based in Cincinnati. Reed will remain in Indianapolis and try to grow the company’s commercial and residential client base here while splitting his time between the two cities.
Reed, who was hired to lead the local CBRE office after 10 years as a senior leasing representative for Duke Realty, said the commercial real estate downturn wasn’t a factor in his departure.
“The last couple of years were very difficult, but CBRE is doing very well and business is growing,” Reed said.
He said WisselReed is at a critical time in its growth and he wants to devote full time to it now. But eventually he expects to become active again in Indianapolis commercial real estate.
Mike Gerard, executive managing director of CBRE’s Midwest Region, which is based in Detroit, is leading the search for Reed’s replacement. He said the company will consider candidates from both inside and outside the company and from Indianapolis and other markets. Commercial real estate experience is preferred but not required.
Jeff Henry, managing principal of Cassidy Turley’s Indianapolis office, has been involved in the hiring of managing principals for other Cassidy Turley offices. Cassidy Turley looks for someone with a successful track record of running a business, Henry said. He said four of the last five hires didn’t come from a real estate background.
Henry called Reed “a very good competitor, very professional and very effective.”