Leader of local CB Richard Ellis office leaves to work for family business

Back to TopCommentsE-mailPrintBookmark and Share

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.”


Post a comment to this story

We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
You are legally responsible for what you post and your anonymity is not guaranteed.
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
Subscribe to IBJ
  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.