Real Estate Alert: Office Rankings – Eastdil Takes Home NY Office Crown

Eastdil Secured has won the title of the top office-sales broker in New York for the first time since 2016.

The brokerage team headed by managing directors Gary Phillips and Will Silverman took the 2023 crown with $1.7 billion of trades, good for a 46.1% market share. Second-place Newmark had $786 million of sales, good for a 21.4% market share.

In a twist, the team at Newmark — led by co-heads of U.S. capital markets Doug Harmon and Adam Spies — was previously at third-place Cushman & Wakefield, which had $682.5 million of sales, for an 18.5% market share, all in the first half before the team left.

No other firm had significant market share in the 2023 league table, which saw just $3.7 billion of brokered trades worth at least $25 million. Since Real Estate Alert began tracking deals in 2001, only 2009, which tallied $1.6 billion of office sales, had lower volume.

At the midyear, market pros were eyeing the prospect that Newmark could win its first New York office crown this year. At the time, no other firm but Cushman or Newmark had material market share, and Eastdil had no credited deals in the published rankings.

But a strong second half pushed Eastdil’s total beyond the combined tally of the Harmon/Spies team at both firms. While at Newmark, that group handled the roughly $60 billion disposition of Signature Bank’s loan portfolio for the FDIC — including some $33 billion of commercial mortgages. But those structured sales do not count toward Real Estate Alert’s sales rankings.

In another spotlight on the small circle of players that dominate New York property sales, Eastdil’s last local title in 2016 came when the Harmon/Spies team worked there before decamping for Cushman.